Workers’ Compensation

In 2013 NFIB succeeded in holding a
48% increase in workers’ compensation to 18%.  Unfortunately, in February 2014 the Insurance
Commissioner increased workers’ compensation rate to 11.4% in residual market
rates and 14% in voluntary market loss costs.  The effective date of the increases is
retroactive to December 1, 2013 for new and renewal business.  However, new legislation will be proposed to
lower workers’ compensation costs by 33 percent over the next three years.