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Florida Workers’ Compensation Rates Drop Due To Tax Overhaul

Citing the recent changes to the federal tax code, the Florida Insurance Commissioner has approved a decrease averaging 1.8 percent in the 2018 workers’ compensation insurance rates. The lower rate will become effective on June 1 for new as well as renewal policies.

This drop represents the second downward change of 2018 for businesses in Florida. In late 2017, a reduction of 9.8 percent was announced that went into effect at the start of the new year. According to Jimmy Patronis, State Chief Financial Officer, the latest change is estimated to provide businesses with up to $79.5 million in savings.

The system of worker’s compensation insurance is a no-fault scheme designed to provide important safeguards for workers as well as those who employ them. This insurance is meant to facilitate access to medical benefits for individuals who sustain injuries while they are on the job. Those whose injuries linger for more than eight days may also receive payment for lost wages stemming from the event.

To receive workers’ compensation benefits, a claimant must show that their injury developed due to and in the course of their employment duties. Some of the most common workplace injuries for which benefits are paid include:

  • repetitive motion injuries
  • back and neck injuries
  • exposure-related illnesses such as mesothelioma
  • eye injuries
  • hearing loss
  • scarring and bodily disfigurement

An injured employee that receives benefits under this program, basically forfeits the right to sue their employer. Though the workers’ compensation system is designed to be one self-executing, there are many instances in which these workers need the assistance of a Florida Workers’ Compensation Attorney like Evan M. Ostfeld, Esquire.

Evan and his Coral Springs Workers’ Compensation team understands the stress, strain and anxiety a victim of a workplace injury event is almost certain to experience. The immediate physical pain and trauma are difficult enough, and mounting bills and lost wages only compound the difficulties.

If you or a loved one has been injured while on the job, there is no need to go it alone! Call Evan’s office. He is ready and willing to evaluate the facts of your case and effectively navigate the workers’ compensation system on your behalf.

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