Florida Approves To Lower Worker’s Compensation Insurance Rates

Reduction To Worker’s Compensation Insurance Rates In Florida

workers comp insurance
Just yesterday, Kevin M. McCarty, Florida’s Insurance commissioner, gave notice to the National Council on Compensation Insurance (NCCI) requesting a 5.1% reduction in the rates businesses in Florida pay for workers’ compensation insurance. With this latest decrease set to be approved by the NCCI will continue to ensure worker’s compensation rates remain affordable for Florida businesses. The overall rates for worker’s compensation insurance will have dropped a total of 60% since 2003 with this latest round of decreases.

This newest request made by commissioner McCarty, is in a continued effort to ensure Florida has a business environment that supports new companies moving in to our state. Employees in the state of Florida will have the same access to the worker’s compensation protection they have always had. This is just the latest effort by the state to keep Florida businesses in a position to grow and continue boosting their local economies, while still ensuring employees injured on the job will continue to get the medical care they need to get healthy and return back to work.

Florida Small Business Owners, Like You And Me!

As a small business owner myself, this latest decision is good news for both employers and employees in the state. Keeping our teams safe, at a price we can afford is good news all the way around. There are over 200 insurance companies in Florida that provide worker’s compensation insurance, so the market is vast and competitive. There are a lot businesses that acquire their worker’s compensation insurance through the business service company that performs their payroll services. There are many big nationwide companies I could list, but as a business owner, I’m sure you know whom I’m speaking about. Sometimes this makes sense from a timesavings standpoint as these companies advertise themselves as one-stop-shops for all of our business service needs. This however, can lead to higher premiums simply due to the convenience factor it’s not always the best price.

Worker’s Compensation Insurance: Things To Do Before Purchasing Your Policy

Believe me, I know what it’s like to be strapped for time always feeling like there are not enough hours in each day, but taking time to follow these simple steps will ensure your business is protected as well as each one of your team members. No one ever starts a business expecting to need worker’s compensation insurance, but many businesses go under when an accident happens on the job and they don’t have proper coverage.

As stated above, there are a few hundred insurance companies that sell worker’s compensation insurance throughout Florida, so the odds are in your favor to shop and find a competitive rate. At Brightway insurance we are an independent insurance franchise that is not married to a handful of carriers. We work with a large number of Florida insurance companies to provide our clients the protection their business needs, and at an affordable price. Taking a different approach to insurance has always been our goal, we consult each customer to get a clear picture of their business needs and provide them with information that is easily understood which allows them to make the best decision for their business. By taking 15 minutes out of your day to make a call to one of my two agencies, Brightway Palm Springs or Boynton Beach, you’ll be connected with one of my business insurance specialists who will walk through each step of the process ensuring you get all the resources you need and a policy to protect your company.

Don’t Wait Until It Is Too Late

Most of us business owner’s are all guilty of putting things off until the last minute. It’s not because we intend to or because we want to, but running a business can be stressful and occupy nearly all of our time. I have seen it all to often that an accident occurs on the job, and business did not have the proper worker’s compensation insurance in place and they wind up going out of business. Many small businesses would not be able to afford a $10,000 hospital bill, let alone a $100,000 bill if the accident was serious and continue to keep their other employees paid, vendor invoices covered, etc. If you’re like me, I’m extremely passionate about what I do for a living and would never want to see my business taken away, especially because of an accident where one of my team members were hurt! Don’t wait until it’s too late to purchase worker’s compensation insurance, call my Brightway team today and we’ll make sure your business’s future is secure. No one will work harder to make sure your business is protected than my team of insurance professionals at the Brightway, Cole Family Agencies.

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A Blog offering Tips and helpful navigation to better Insurance coverage in the State of Florida

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