Tennessee Changes the Workers Compensation Rules for the Construction Industry

For Immediate Release February 1, 2010

Recently Tennessee Bill H-1645 amended the law to require any person engaged in the construction industry as a principal contractor, intermediate contractor or subcontractor to carry workers’ compensation insurance effective December 31, 2009. Pursuant to this change in law, your workers’ compensation insurance policy may have been endorsed to provide this coverage.   You should check with your current agent and make sure you have an exemption signed now or it could cost you allot of money at audit time. Effective January 22, 2010, the Tennessee Legislature passed SB7001 & HB7007 that removes the requirement for sole proprietors and partners who are engaged in the construction industry to carry workers’ compensation coverage on themselves.  At this time the state has removed the coverage requirement; however, it will be reinstated on March 28, 2011.

Tampa, Florida, January 1, 2010 - On January 1 2010 Florida Workers Compensation Rates were lowered which is a reversal from what was supposed to take place last year because of the Emma Murray vs. Mariner Health Inc case. This is good news for business and make sure you have a dividend plan that pays you back for your good claims history

Tampa, Florida, April 1, 2009 - Florida will see a 6.4% increase in Florida Workers Compensation Insurance Rates and another 6.4% in 2010

Beginning in approximately 2006 many attorneys were dissatisfied with the income that they were earning when representing a plaintiff in a workmen’s compensation case. 

Attorneys challenged the court over the Emma Murray vs. Mariner Health Inc. and ACE USA, which initially limited attorney’s fees in workmen’s compensation cases, and the attorneys won- imagine that!

As a direct result of the victory, in which Florida Supreme Court Judges ruled, attorney’s are now permitted to collect more fees for taking a workmen’s comp case.  Consequently, Florida Worker’s Compensation premiums will go up 6.4% April 1st 2009 and again 6.4% in April 2010.  This ruling will be detrimental to the financial well being of business owners in Florida and will likely reverse the 40% premium reductions experienced over the past 4 years.

“Now, a court ruling initiated by greed will have a direct result of a 12.8% increase in rates over the next 2 years while attorneys enjoy a considerable pay raise” says Jeff Kaplan, President of Insurance Source.Com in Tampa Florida specializing in helping business owners obtain Workers Compensation Insurance at affordable rates.

This is an injustice to the Florida business owners who are already suffering in this time of tough economics.  An April 1st raise in rates is just wrong.” fumes Kaplan.  “My personal THANKS to all of the greedy attorneys that backed this bill, and to our Insurance Commissioner that approved the rate increase.

New York Workers Compensation Insurance

November 2008 Rate Changes

For the first time in the history New York's workers compensation insurance rating system, there is now a competitive policy and premium market.  Carriers now will offer a wide range of coverage options with varying prices instead of fixed rates as was the norm for the past 100 years.

With the old system, policy pricing was non-competitive and virtually fixed with all the carriers.  Today, if you don't shop your current carrier, especially if you’re with NYSIF or many of the other old line carriers, you could be over-paying by 60% or more!

Jeffrey Kaplan, president of Tampa based Insurance Source.com Inc., was quoted as saying, “I recently quoted a workers compensation insurance policy to a home siding and sheet metal installation contractor.  He was with NYSIF, and paying over $70,000 a year based on a $170,000 annual payroll.  I was able to get him approved for $15,539.00 premium for the same payroll and coverage.  That’s a huge savings!

These new laws and rates took place in November 2008.  If you have not had your workers compensation re-quoted recently, or your current agent has not made you aware of the changes in New York’s workers compensation insurance rating system you need to contact us immediately.  You’re probably paying way to much”, Kaplan hastily added.

PROPOSED SIXTH CONSECUTIVE WORKERS’ COMPENSATION RATE DECLINE IN FLORIDA WORKERS COMPENSATION RATES

Alex Sink, the Florida Chief Financial officer, was very pleased to announce that Florida employers will see a sixth consecutive decline in workers' compensation rates! The National Council on Compensation Insurance filed a request with the Office of Insurance Regulation for an average 14.1% rate decrease. If approved, this will constitute a savings of about $465 million dollars for Florida employers effective January 1, 2009. This decrease combined with all other since 2003 will result in a 58% drop, the hearing for the rate decrease is expected in October. Alex Sink stated " A stable and viable workers' compensation system is good for everyone, especially for Florida businesses and their employees-  the backbone of our economy" and added " No other state has matched Florida's rate reductions, and no other state is working harder to take care of employers and employees."  

Jeffrey Kaplan, president of Tampa based Insurance Source.com Inc., added "Over the last several years, workers compensation rates have been significantly lowered, but how low can they go?" Kaplan also stated "the main reason the rates have been lowered over the past four years, is due to the limits that have been placed on the fees that attorneys are allowed to collect in workers' compensation cases." These limits are currently  being challenged in the Florida Supreme Court, and if the decision is over turned, these rate reductions may be short lived.

 DELEWARE WORKERS COMPENSATION RATES REDUCED BY 11.75%  

Effective October 1, 2008, workers compensation rates will be cut 11.75%. This cut is being ordered my Matt Denn, Insurance Commissioner. Denn also said that over the next 60 days he will consider making additional reductions, this combined with a package of rate cuts that he ordered last fall means rates will be down by almost 30% since last November. The rate cuts are the first sign of cost control measures that were passed by the General Assembly in 2008.  Denn warned insurance Companies stating "not made sufficient efforts to determine the potential cost savings to carriers of all of the provisions of Senate Bill 1," and told the carriers and Department of Insurance staff to provide him with information to consider additional rate cuts. Denn also added " I intend to ensure to the maximum degree permitted by law that any likely cost savings resulting from Senate Bill 1 are reflected in lower premiums rather that being retained as windfall gains by insurance carriers." The estimated workers compensation premiums paid by Delaware employers are $122 million per year, these rate cuts should reflect savings of at least $14 million to Delaware business.

FREE Florida Workers Compensation Classes

Good News for business owners, employers, and licensed contractors - The Florida Division of Workers' Compensation is offering free classes on the requirements of Florida's workers' compensation Insurance laws and workplace safety.  Continuing education credits are available to contractors whose licenses require continuing education in workers' compensation and workplace safety.  See the attached flyer for a list of scheduled classes and locations.  Advanced registration is required. 

Dates and Locations

http://myfloridacfo.com/WC/pdf/Education_Workshops_Flyer.pdf

Registration Form

http://myfloridacfo.com/WC/pdf/Seminar_Registration.pdf

FOR IMMEDIATE RELEASE

Please feel free to send your submissions thru our web site www.shopinsuranceonline.com or call 800-224-0718.

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