NCCI PROPOSES 13% WORKERS COMPENSATION RATE DECREASE

By | Personal Insurance

NCCI PROPOSES 13% WORKERS COMPENSATION RATE DECREASE

Tim Treweek

August 28, 2018

Workers Compensation insurance rates for Florida businesses look to decrease again on January 1, 2019. NCCI has filed a proposed rate decrease of 13.4% with Florida Office of Insurance Regulation (OIR), citing a combination of the long-term decline in claims frequency. If approved, this will be the third decrease in workers compensation rates since 2016.

NCCI also said the impact of the 2016 Florida Supreme Court cases Castellanos v. Next Door Company and Westphal v. City of St. Petersburg are only “now starting to exert upward pressure on system costs.” Castellanos found the state’s mandatory attorney fee schedule unconstitutional. Westphal found the 104-week statutory limitation on temporary total disability benefits unconstitutional. The full effects of these decisions will be felt in the future.

If the OIR approves the rate decrease, a business’s future experience modification factor may become more vulnerable. That’s because there will be fewer premium dollars to pay claims. Having robust safety and health practices in place to control and minimize workplace injuries will be critical to protect future experience modifications.

The OIR must approve the proposed rates before they are implemented. Historically the OIR has requested changes to the initial rate filing. Regardless, a decrease of some proportion seems almost certain.

Regardless of the outcome, we will continue to work with underwriters for quality dividend plans to help keep your business competitive and the coverage affordable.

If need assistance with planning, safety and health programs, or have questions about how the upcoming rate changes might affect your business please don’t hesitate to call our office.

Best regards,

Treweek Insurance Agency

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Homeowners Insurance and the Perils of Social Media

By | Personal Insurance

Imagine you serve as a leader at your church or synagogue. Through your service you and the other leaders discover that the pastor, rabbi, or priest has been embezzling money from the church. You’re at home one evening and decide to make a Facebook post about what has happened or perhaps you even send out a tweet. A month later, a sheriff’s deputy arrives at your door and serves you with suit papers from the pastor who is suing you for libel. What now? Do you have any coverage under your homeowners insurance policy? Read More