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Proposed Work Comp Reduction in Florida for 2023

Proposed Work Comp Reduction in Florida for 2023

“The National Council on Compensation Insurance on Wednesday filed its recommendation for an 8.4% rate level decrease for workers’ compensation, effective Jan. 1, 2023.”

Florida has seen a decline in lost-time wages and medical claims that outpaces the increased cost of medical expenses.  The proposed changes still have to be approved by the state.  The state has rejected the proposal in recent years and cut rates even more.  

“The final proposed rate level changes results after incorporating small increases to the current production/general expense and claim settlement expense provisions. And due to the catastrophic nature of the COVID-19 pandemic, NCCI said all reported COVID-19 claims have been excluded from ratemaking, consistent with last year’s rate filing.”

Given the strong employment environment in Florida, employers are paying increased wages.  By itself, this increase in wages would normally generate more premiums.  However, the rate cut in the workers’ compensation rates for next year may offset this increase in premium.

“While inflation could impact costs, NCCI said wage inflation and strong employment recovery are expected to increase premium and that medical inflation’s impact on workers’ compensation losses is expected to be lower than inflation for other goods and services.”

Full article here on workcompcentral.com

76th Annual Workers’ Compensation Educational Conference

“The Florida Division of Workers’ Compensation recently participated in the 76th Annual Workers’ Compensation Educational Conference with the Workers’ Compensation Institute, in Orlando, Florida. The Division’s breakout session included the following topics: Regulatory and Legislative UpdatesHow Small Acts of Non-Compliance Lead to Costly Penalties and Litigation, and Medical Services Updates.”

Here is a link to the pdf presentation – click here

Experience working with you

Bridgely Key Options has over 30 years of experience in all aspects of the PEO industry.  Experience is something that can only be earned over time and we have put in the time.  Whether you are an insurance agent curious about PEO sales opportunities or a business owner trying to learn more about how a PEO can help you succeed, we are here to work for you and leverage that experience to help. 

Bridgely Key Options helps brokers with:

  • Proposals
  • Paperwork
  • Email campaigns
  • Health Quotes
  • General Liability Quotes
  • Traditional Work Comp Quotes
  • Supplemental Benefit Quotes
  • Technology solutions
  • and more

With Bridgely’s Partner Network, you get access to more options to sell more!

Our model depends on trust.  We will only do as much or as little as you want.  With over 30 years of experience in the PEO industry and almost 8 years as Bridgely Key Options, we are the people you can trust.

Thank you for being a loyal partner and working with us.  We appreciate that you have many options when it comes to your PEO needs, but there is only one Bridgely Key Options!

Sincerely,