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Managing the Costs of Workers’ Compensation Claims and How that Helps Workers

Florida law requires most employers to carry workers’ compensation insurance. While this can be expensive for companies, the costs should not affect the care that workers receive or the compensation they are entitled to under state law. Worker safety should always be the top priority.

Workers’ Compensation Premiums

Florida Commissioner David Altmaier will consider an average 9.3 percent reduction in workers’ compensation premiums, which could significantly reduce insurance costs for the state’s businesses. Specifically, manufacturing companies could see a 10.3 percent reduction in workers’ compensation rates and clerical businesses could see an 11.3 percent decrease.

Last year the Office of Insurance Regulation approved a 14.5 percent average premium increase. Later, the National Council on Compensation Insurance proposed the average 9.3 percent reduction, which is what the Florida Office of Insurance Regulation will soon consider. State legislators have also said that workers’ compensation is an issue they hope to address this term.

But according to the vice president of public affairs for the state Chamber of Commerce, even if the Office of Insurance Regulation reduces rates Florida’s premiums will still be among the highest in the Southeast.

“While regulators have proposed somewhat of a reduction, the net effect is still an increase in rates leading to higher bills for job creators and a lack of predictability,” the Chamber of Commerce official told the Orlando Sentinel.

Cost Reduction Measures Could Help Workers

But if companies took some common sense steps to reduce the costs that are within their control, they could better manage the workers’ compensation system and help their employees recover and get back to work sooner. Here are a few things that companies could do to help both workers and themselves:

  1. Have a policy in place that helps workers know what to do if they are injured on the job. For example, there should be procedures conspicuously posted outlining what steps workers should take in the event of an injury. It’s better to help the employee get the treatment he needs as soon as possible so the recovery isn’t prolonged and he can come back to work sooner.
  2. If possible, companies could offer injured workers transitional work assignments to perform during recovery. In other words, if they are unable to perform their normal duties because of the injury but are capable of working, the employer could make temporary work assignments.
  3. Employers should hold weekly status update meetings (whether conducted remotely or in person) with the employee to stay up-to-date on his recovery and help him through the work transition.

These are just some of the steps that employers can take to reduce workers’ compensation costs and help workers get the care and compensation that they are entitled to in the most efficient manner possible.

Contact Us Today

Reach out to our dedicated legal team today at Nicole Hessen, P.A. if you have been injured on the job or developed an occupational disease in West Palm Beach. We will help recover the compensation that you are entitled to receive under Florida law.

http://www.orlandosentinel.com/business/os-bz-nsf-florida-workers-comp-20171005-story.html

http://floridapolitics.com/archives/246733-house-insurance-chairman-hopes-take-aob-workers-comp-reform

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