Insurance Commissioner David Altmaier will consider a workers’ compensation rate reduction this month, which would benefit small business owners.
Insurance Commissioner David Altmaier is considering a reduction to Florida workers’ compensation premiums by 9.3 percent on average next year, according to Orlando Sentinel. The National Council on Compensation Insurance filed the reduction proposal, which cut workers’ compensation rates for manufacturing businesses by 10.3 percent and rates for clerical and office businesses by 11.3 percent.
Workers’ compensation is a complex issue in Florida, and several of the state’s Supreme Court rulings from last year threaten to increase workers’ compensation rates to a level that would force business owners to cut jobs. Despite this concern, it doesn’t seem to be an issue that will be addressed in the Legislature this year, according to NFIB/Florida Director Bill Herrle.
The National Council on Compensation Insurance’s early findings indicate that Florida businesses spent about $3.8 billion on workers’ compensation premiums last year. In 2012, businesses paid $2.8 billion in workers’ compensation premiums. With a predicted rate decrease and a focus on hurricane relief, the Legislature is unlikely to prioritize the complicated workers’ compensation system, but reform is needed to protect small business owners in the long term.