Insurance companies that sell workers’ compensation policies to Florida businesses plan to drop their premiums an average of 2.3 percent in January, according to a summary of rates filed last month by the National Council on Compensation Insurance.
The premium reductions are based in part on a law passed earlier this year designed to reduce soaring insurance costs, and to both limit attorney fees and make it more difficult for injured workers to obtain permanent total disability benefits.
The rate change comes on top of a 14 percent decrease in this year’s premiums which, when added together, result in a potential decrease of about 16 percent.
The Florida Home Builders Association has been actively involved in helping to reduce workers’ compensation rates.
“Making workers’ comp affordable for our members was our top priority during the 2004 Legislative Session,” said Mike Hickman, president of the Florida Home Builders Association. “Not only is the premium reduction terrific news, it’s a testament to our industry’s persistence that workers’ comp be affordable and available for everyone involved in our industry.”