Employers May Have to Deal With Spooky Rates and Monstrous Expenses
Halloween is around the corner and ghouls in the shape of inflated workers’ compensation costs are waiting to pounce on Florida’s business owners.
Earlier this year, the National Council on Compensation Insurance (NCCI), the industry’s provider of workers’ compensation analysis and rates, announced that they are requesting an average 1.9 percent decrease in workers’ compensation rates, effective January 1, 2016. That’s good news.
For the Florida Chamber of Commerce, this recommendation comes at a crucial time for our state.
The Florida Supreme Court is expected to rule on several workers’ comp cases in the very near future, and depending on the outcome of those rulings, job creators could potentially see their business’ workers’ comp rates increase and legislative action could be necessary.
“Plaintiff attorney maneuvers like we’re seeing with workers’ compensation are reflective of a larger legal abuse problem in Florida,” said Mark Wilson, President and CEO of the Florida Chamber in a recently released opinion piece, which published in the Miami Herald. “In fact, a national survey released in recent days shows Florida’s lawsuit climate worsening – ranking at an all-time low 44 out of 50 states, the bottom 10.”
Florida’s “judicial hellhole” reputation is catching up and the results could be spooky. Seventy-five percent of companies surveyed say a state’s lawsuit environment is likely to impact important business decisions at their company, such as where to locate or expand. Florida is open for business, but a dismal and expensive legal climate increases the cost of doing business and deters high-wage jobs creators from even considering our state.
At the Florida Chamber, we remain laser focused on ensuring workers’ comp rates are fair, and remain committed to ensuring the voices of job creators throughout Florida are heard before lawmakers and in the halls of justice. Ensuring injured workers receive quality care and due process is also a priority.
To secure Florida’s future, we must keep Florida’s workers’ comp system working.
Get involved with the Florida Chamber’s Keep Worker’s Comp Working Task Force. Sign up to add your voice to the effort by contacting Greg Blose at email@example.com.