Florida’s Office of Insurance Regulation issued its annual update on the Florida statewide system. It notes that Florida’s workers’ compensation system is financially healthy. Reviews of the report by business groups and insurers note how the report reflects the strength of the marketplace which is relatively stable and dominated by small carriers. The report states the marketplace is healthy enough to encourage private companies to provide workers’ comp coverage to local businesses. Bridgefield Employers Insurance Co., the company with the largest market share, has less than 13% of the market.
The report states, "Florida continues to be the largest state in the country for which the private market insurance industry is the dominant provider of workers' compensation insurance."
Reforms made in 2003, 2004 and a few years ago, included such pro-business efforts such as placing a cap on lawyer fees that have created one of the most attractive markets for providers.
"Florida continues to have a reliable and affordable workers' compensation system for workers and the business community," said Teye Reeves, of the Florida Chamber of Commerce.
The chamber will, however, seek legislation to change the way some workers' compensation clinics repackage prescription drugs, a practice OIR contends was a significant factor in its decision last year to approve a 9 percent increase in workers' comp premiums.
Modern Business Associates is an HR company that focuses on payroll and HR outsourcing. We routinely work with clients on helping employees manage their workers’ comp and risk management needs. As a Professional Payroll and HR outsource organization, our clients rely on us to help them effectively deal with these kinds of topics.
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