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Lower Workers Comp Costs Coming

December 3rd, 2020 by Mike Vasilinda

Florida’s higher than usual unemployment is reaping one benefit for businesses. With fewer people working, and more working from home, workers compensation costs for businesses is going down. The state has approved a six point six percent decrease next year.  First. Chief Financial Officer Jimmy Patronis says it is one more reason Florida is a good place to operate a business.

“As we’ve seen with automobile insurance, fewer claims lead to the carriers rolling out discounts back to the policy holders so this is the same thing. I run risk management for the state and out risk management department has seen fewer workers comp claims because fewer people are working in their typical occupations and they are tele-working, so again, fewer hazards of the job” says Patronis.

The decrease applies to new and all policypolicies in effect on January first.

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