No Need to Raise Workers' Compensation Premiums
The fight will begin! The Florida Supreme Court recently ruled that workers' compensation attorneys are entitled to reasonable attorney fees for successful litigation. Within days of the ruling, the insurance industry sought record rate increases of over 18%, to offset what it alleges will be higher attorney fees. The National Council of Compensation Insurance made the request to Florida insurance regulators.
For the past five years, although workers' compensation premiums have gone down, insurance company profits for workers' compensation carriers have been excessive. According to the Florida's Consumer Advocate's Office, the rate increase should be denied and instead, the carriers can absorb any costs increases by a reduction in excessive profits. Randy Zeldin, Esq. a workers' compensation attorney in Boca Raton, Florida urges the Department of Insurance to reject any rate increases, so as not to harm Florida Employers, who are in the throes of a terrible recession
