Wednesday, 05 October 2005 01:00
Workers Comp rates
Florida business owners could soon see a break on some of their insurance premiums. The state has recommended a further reduction in workers’ compensation rates for small companies. For a third straight year, workers’ comp premiums in Florida are slated to decline. That’s good news for business owners who have battled soaring healthcare costs, energy hikes and other insurance increases. Workers’ comp pays for medical care and lost wages for workers injured on the job. Marietta Mudgett is executive director of the Greater Fort Myers Chamber of Commerce. She says virtually all her 12-hundred members are small businesses and the proposed cuts would help the bottom line.
“So any savings that is passed on to them, any savings they see will ultimately help them to continue to grow and probably keep some of them in business when they may have had thoughts about leaving the business or leaving the area.”
The state expects a 22-percent premium reduction next year, which might mean 500-million dollars in savings. Some business leaders worry, though, continued reductions would translate to fewer insurers willing to write policies in Florida. I’m Russell Lewis, reporting.
“So any savings that is passed on to them, any savings they see will ultimately help them to continue to grow and probably keep some of them in business when they may have had thoughts about leaving the business or leaving the area.”
The state expects a 22-percent premium reduction next year, which might mean 500-million dollars in savings. Some business leaders worry, though, continued reductions would translate to fewer insurers willing to write policies in Florida. I’m Russell Lewis, reporting.
Published in
WGCU News