Workers' Compensation Claims Plummet, But Carriers Want More Premiums
Since the Florida Legislature "reformed" workers' compensation in 2003, the number of claims, the settlement value of claims and the amount of attorney fees paid, have plummeted dramatically. Although there are variations from County to County, some estimates hold that the number of claims are approximately 50% less today, than in 2003. Of course, there are many reasons for the decrease, including a high unemployment rate and a fear of some injured workers to "rock the boat" and jeopardize a job, by filing and pursuing workers' compensation benefits.
Notwithstanding the dramatic decrease in claims and the precipitous decline of the dollar value of benefits paid by workers' compensation insurers, these same carriers are now seeking an 8.9% increase in premiums, as recommended by the National Council on Compensation Insurance (NCCI). Given the very high rate of unemployment in Florida, an increase in workers' compensation premiums can only diminish the chance of an economic recovery and further hiring of employees, according to workers' compensation attorney and lawyer, Randy Zeldin, Esq. Randy Zeldin, Esq., is a workers' compensation attorney and lawyer in Boca Raton, serving injured workers in Pompano Beach, Deerfield Beach, Delray Beach and Boynton Beach.