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Today, December 1, workers’ compensation rates will increase by 14.5 percent for all new and renewal policies, an increase which equates essentially to a $1.5 billion transfer of wealth from Florida businesses to trial lawyers.
This is your chance to share with the Division of Workers’ Comp your thoughts on how to fix Florida’s current workers’ comp system. If the business community does not weigh in, plaintiff trial lawyers, not job creators, will inform the Division’s proposed recommendations. Please take a few minutes to provide your feedback. The survey closes Thursday, December 8, 2016. Background: This $1.5 billion increase is the result of two Florida Supreme Court decisions earlier this year declaring portions of Florida’s workers’ comp system unconstitutional. In one specific ruling, the Court said a plaintiff trial lawyer could receive $38,000 in attorney fees for a case in which the injured worker's injuries totaled $800. That's $800 for the injured worker and $38,000 for the trial lawyer and higher rates for everyone.Prior to the Thanksgiving holiday, a Leon Circuit Court judge voided the 14.5 percent rate increase under the grounds that the National Council on Compensation Insurance and the Office of Insurance Regulation did not follow the requirements of the “Sunshine Law.” This decision has since been appealed, allowing the rate increase to take effect today, as planned.
1 Comment
11/11/2021 12:00:09 am
The best way to find the right coverage at the right price for your business is to get a quote from more than one insurance company.
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