Sarasota-Manatee business owners could get break on workers' comp insurance rates

Sep. 14--Business owners in Southwest Florida could be in for another cut in their workers' compensation insurance rates next year.

The National Council on Compensation Insurance has proposed an average 5.7% decrease for workers' comp coverage. It would take effect Jan. 1.

If approved by the state Office of Insurance Regulation, it would mark the fourth straight decline in rates for workers' comp insurance, which covers injuries employees suffer while on the job. Rates were reduced an average of 7.5% this year, 13.8% in 2019 and 9.5% for 2018.

"As always, OIR will review the filing to ensure the proposed changes are not excessive, inadequate or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees," the department said in a statement.

NCCI is a rating organization authorized to make rate filings on behalf of workers' compensation insurance companies in Florida.

The organization cited a decline in workers' comp claims in its petition to reduce rates.

"For decades, with few annual exceptions, frequency has continued on a clear downward path driven by technology, safer workplaces, improved risk management, and a long-term shift from manufacturing to service sectors," it stated. "NCCI has no expectation that this trend will change course."

It said the filing did not measure the impact of the coronavirus pandemic. The state has said about 12,000 workers' comp claims tied to the virus had been filed by the end of July., according to the News Service of Florida. About 43% of them were so-called "indemnity" claims already rejected by insurers.

But the virus could have dual impacts, NCCI said. Claims could increase from people with "frontline COVID-19-related occupations," but they also could decline with more employees working remotely.

Florida businesses were paying some of the highest workers' comp rates in the nation until the system was overhauled in 2003, which triggered a 60% drop in rates.

Like their political views, Americans appear split over what the past four years have done for their finances.

A new survey by personal finance web site Bankrate.com found that 26% of Americans believe their personal finances have improved under President Trump, while 25% say things have gotten worse. A total of 40% said they in the same financial position now as in January 2017, and another 8% did not know.

Those who feel their finances are better now tend to be Republican, male, white, college graduates, baby boomers, and those with income levels of $80,000 or more. Those supporting a change in the White House are more often female, black and college educated.

Adults also were divided over whether the Trump/Pence ticket, at 35%, or Biden/Harris, at 39%, would improve their finances. Nearly one in six were unsure, and 11% said neither would do better.

"No matter which candidate is sitting in the White House after Inauguration Day in 2021, significant economic challenges will persist," said Bankrate.com senior economic analyst Mark Hamrick. "Unemployment is likely to remain substantially higher than pre-pandemic levels. Some industries will continue to struggle, dampening hiring prospects."

The survey said the president's response to the coronavirus pandemic could do more harm than good at the polls: 39% said they are less likely to vote for him as a result, compared to 26% who are more likely.

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