All employers in Florida must have workers’ compensation insurance. This is the form of insurance that protects workers in the case of an injury.
What is interesting is that a recent report described the reduction in workers’ compensation rates. Workers’ compensation can be expensive for employers, so having a fair rate is vital to keeping employees safe by guaranteeing that employers can afford it.
On Jan. 1, 2019, new rates will go into effect. These rates will be at a reduction of 13.8 percent, which means that employers, new and renewal businesses, will be better able to afford the insurance policy required to protect their workers and their families. The decrease represents a significant cost savings, which increases the likelihood of employers carrying insurance when they otherwise may not have.
This is third drop in workers’ compensation rates in the last two years. This is good news for employers who were struggling due to the rate increase that occurred in 2017. In 2016, a Florida Supreme Court decision in the Castellanos v. Next Door Company case caused a 14.5 percent increase in rates, which threatened the workers’ compensation system as it stands today.
If you’re a worker in Florida, you shouldn’t have to worry about whether your employer has workers’ compensation insurance or not. As most businesses are required to have it by law, it’s always a good idea to ask about workers’ compensation in your place of employment and to speak up if your employer does not have it when you believe they should. The insurance is supposed to be there to protect you.
