BKS Partners Workers' Compensation Blog

Workers' Compensation Rate Increases - When and Why?

Posted by Dave Anderson on Feb 7, 2017 9:41:12 AM
Dave Anderson

Recent legislative changes in Florida will likely result in higher workers’ compensation expenses for all employers.

When? While the decision is pending review in the appellate courts, as of 12/1/16, a 14.5% increase will apply to new and renewal Florida workers' compensation policies. 

Why? Reforms in 2003 resulted in an about a 70% overall reduction in workers' compensation rates in the state of Florida over the past 13 years. Two key provisions of the 2003 reforms were recently overturned by the Florida Supreme court which could result in a changing of the tide by washing away years of savings. These two trials arethe cause...

Castellanos vs Next Door Company

The Florida Supreme Court recently ruled on the much anticipated Castellanos case that challenged the limitation of attorney fees in workers’ compensation cases. The decision will likely increase litigation, which will increase claims costs, which will drive up premiums, increase litigation on current and new claims, increase the number of verified free petitions and more. 

Westphal vs. City of St. Petersburg

The case challenged the 104 week cap on indemnity benefits that was passed during the 2003 workers' compensation reform bill. The court concluded that the 104-week cap on temporary total disability benefits results in a statutory gap in benefits and violates the constitutional right of access to court. This decision will drive the cost of claims up.

What can you do? 

Stay informed, as updates are happening daily. In the meantime, we've compiled some tips to help you out perform your competition, by minimizing the financial impact of these increases. Fill out the form to read the full article now. 

 

 

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BKS AND YOU

The BKS Blog was written to keep you informed and help you learn about the changing landscape of workers' compensation insurance. These articles are written for employers who are researching additional information about changes, or looking to change their insurance partner.

With this blog you'll:

  • Learn tips on saving money within your workers' comp program
  • Stay up to date with industry changes in workers' compensation insurance
  • Discuss strategies and best practices to ensure the lowest cost of risk

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