Florida news
According to news report from the Associated Press and also reported in an article by Forbes magazine, Florida's Workers' Compensation rates are due to be cut.Small and home business owners in this state might still be struggling to cope with high property insurance premiums, but another major business expense will go down next year: workers' compensation assessment rates are set to be cut by some fisty percent.
This rate cut could possibly result in nearly twenty million dollars in savings that can be passed on to state employers as lower premiums for workers' comp insurance. Apparently a vibrant local economy, and touph efforts to curb workers' compensation fraud are helping to make fund strong enough to further reduce these particular rates.
In addition, home business and general business owners who don't comply with workers' comp laws now are penalized with far steeper fines than they did just several years ago. This has also added to the fund and made more money available.
This is good news for a state with a large economy, comparitively speaking.
Insurance companies pay into the fund to pay for the state office that administers and enforces workers' compensation programs.
Since a few years ago, workers' comp rates have dropped about some forty percent altogether...... Regulatory officials state that since a state law changed in 2003, the frequency of injured workers' claims has in fact sharply declined, primarily due to fewer cases of fraud, mismanagement and abuse of the system in general.
Labels: Florida news
posted by Aelusive @ 12:07 PM
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