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Workers’ compensation rates to drop in Florida in 2021

On Behalf of | Sep 17, 2020 | Workers' Compensation

News that workers’ compensation rates may go down for employers may not seem important for workers, but the reality is that this is an excellent sign. It could mean that there are fewer claims being made and that Florida is becoming a safer place for workers.

When insurance providers lower the cost of insurance, it’s not out of the goodness of their hearts. It’s because they know that there is not as much risk involved in providing that coverage.

In 2021, employers could see a rate decrease of 5.7%, which means that having appropriate workers’ compensation insurance will be even more affordable than in the past. The projected decrease is based on data from 2017, 2018 and 2019.

Part of the reason for this drop, according to the National Council on Compensation Insurance (NCCI), is that there has been better risk management, a focus on safer workplaces and a long-term shift from manufacturing to the service sectors.

Employees should get the coverage they need

With reduced rates, it’s more important than ever that employers carry the right workers’ compensation coverage. If an employer does not carry the coverage that they need, then a worker could sue them directly for any losses related to an injury or illness related to their work. The employer could also be held legally liable for failing to abide by the state’s workers’ compensation laws.

If you’re hurt on the job, workers’ compensation should be there for you. You can make a claim to seek coverage and the benefits you deserve. If you encounter issues, an experienced attorney can help.

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