The Florida Insurance Commissioner has approved an 8.9% increase in workers’ compensation rates effective 1/1/12. This follows a 7.8% increase this past year. Increasing claims frequency and rising drug costs were cited as the primary cost drivers in the increase.
With smaller payrolls for most employers, every claim also magnifies the effect on your experience mod factor which further increases employer costs.
Read our white paper on what employers can do to help themselves at https://www.eastcoastinsurors.com/resources/white-papers/