Workers’ compensation hike would cost local businesses $17.5 million

Sep 8, 2011

The following article was published in the Orlando Business Journal on September 8, 2011:

Workers’ comp hike would cost local businesses $17.5 million

By Abraham Aboraya

Central Florida businesses are bracing for a second year of increases to workers’ compensation insurance rates that would cost local businesses $17.5 million more in premiums, according to an Orlando Business Journal analysis.

It’s a move that worries some businesses due to the potential financial impact during an already tough economic climate.

The National Council on Compensation Insurance, a national firm that sets the workers’ compensation insurance rates in most states, will go before the Florida Office of Insurance Regulation Oct. 11 seeking an average rate increase of 8.9 percent. Last year, rates went up 7.8 percent.