28 Feb 2019 Changes to Workers’ Comp
The new year means new changes to workers’ compensation. Bloom Law Office keeps on top of all changes and news within the workers’ comp realm to help clients achieve the best possible results for their workers’ comp claims. Workers’ comp details vary state to state, and many states are seeing big changes in 2019. For instance, in Florida businesses are seeing lower workers’ compensation insurance rates across the board. State regulators okayed a 13.8 percent decrease for the year. This follows a 9.5 percent average rate reduction in the past year.
Every year, the National Council on Compensation Insurance (NCCI) files rate proposals. In August, the NCCI reported that it approved a number of decreases around the country. According to an NCCI spokesperson, “Consistent improvement in loss experience is the primary driver underlying the filing. More specifically, the long-term decline in claim frequency has continued to more than offset moderate increases in claim severity. This has resulted in continued downward pressure on the overall average rate level need and is consistent with trends across most NCCI states.”
However, the news isn’t so rosy for business owners in New Jersey. The state consistently ranks as having the third-highest workers’ comp rates in the country. On average, New Jersey rates are 150 percent higher than average. This is largely due to the relatively high number of claims each year—in 2017 there were 34,798 new claims. This, coupled with high medical costs, has kept New Jersey at the top of the list.
However, New Jersey isn’t technically a competitive rating state. Rates are calculated annually by the state’s Division of Workers’ Compensation, but state law lets insurance companies offer policy credits/debits on workers’ comp policies. These details might not seem to matter much to non-business owners in New Jersey, but look closer.
Schedule a Worker’s Comp Consultation with Bloom Law Office Today!
Small businesses might choose to skip paying their high workers’ comp rates in order to save money—even though it’s illegal. Employees aren’t always sure if their employer is current with workers’ comp payments or not. If you’ve been hurt at work, you deserve a reputable workers’ comp attorney on your side. Call Bloom Law Office at 855-208-3650 today.