September 27, 2016, Tallahassee – The following is a statement from NFIB/Florida Executive Director Bill Herrle on today’s workers’ compensation rate announcement.
“Today’s workers’ compensation rate increase is a hard hit to small business owners and our economy. While the commissioner has done what was necessary in response to the Supreme Court undoing legislation that capped attorney’s fees and maintained reasonable rates, our small business owners will be paying the price.
“The severity of this rate hike leaves business owners to find ways to make ends meet, while the pockets of attorneys are getting padded. Business owners will rise to the challenge, as they always do, and pay these higher rates while at the same time trying to keep their doors open and keep up with labor costs. But the even higher price will be paid in the loss of jobs and the disastrous impacts it will have on our economy.
“For the sake of our economy, we cannot let this stand. NFIB will be turning to the legislature to find a way to return us to a stable workers’ compensation market. A stable system will ensure business owners can continue to create jobs and grow their businesses, which is essential to maintaining our growing Florida economy.”