Blog Post

29
JUN
2018

Additional Workers’ Compensation Cost Reductions For Florida Businesses

On June 13, 2018, Jimmy Patronis, the Chief Financial Officer (CFO) for the state of Florida, made a huge announcement that would help both businesses and employees. The announcement revolved around workers’ compensation and revealed that there would be additional workers’ compensation cost reductions in the workers’ compensation system within the state.

The additional workers’ compensation cost reductions have been estimated to save Florida companies around $20 million in 2019. This money should be able to help Florida businesses to alleviate their overall costs to a greater extent than ever before. The financial reductions come about as a result of exceptional management of the Workers’ Compensation Administration Trust Fund (WCATF), as well as the Special Disability Trust Fund (SDTF). Together, those two funds help to make up the total amount of workers’ compensation to which carriers contribute.

Patronis stated that, only a month earlier, there was an announcement made that a 1.8 percent decrease in workers’ compensation rates could mean as much as a $79.5 million savings for businesses in Florida. He continued that deducting the costs of operation for workers’ comp carriers by $20 million would equal more savings for businesses, which would, in turn, lessen their financial burdens. Patronis further said that any measures that are taken that could possibly help businesses save money are worth it and benefit both the state and local economies.

If you are a Florida employee who has been injured on the job, you may have the right to collect workers’ compensation benefits. Typically an employer must carry workers’ compensation insurance if they have four or more employees. That’s true even if one is a part-time or seasonal worker. In the construction industry however, if the job has even on employee, they too must carrier the requisite insurance policy to cover on-the-job injuries, including lost wages.

Should a case not be reported by the employer or unfairly denied by its insurance company, you should contact an experienced Coral Springs Workers’ Compensation Lawyer As Soon As Possible in order to protect their rights! It is your best chance at having the decision overturned and receiving the benefits that you in fact deserve. The Law Offices of Evan M. Ostfeld, P.A. is there to provide you with the best legal guidance and will fight for you for every step of the way.

Workers’ Compensation is a benefit that is available to nearly all employees in Florida who suffer “an injury that arose out of and in the course of their employment”. Work related injuries typically include:

  • Head, Neck, Back, Shoulder, and Knee claims
  • Carpal Tunnel Syndrome / Repetitive Trauma type injuries
  • Reflex Sympathetic Dystrophy (R.S.D.)
  • Heart Attacks and Strokes
  • Occupational Diseases such as Asbestosis, Dermatitis and Hepatitis
  • Disfigurement and Scarring
  • Asthma or other Work Related Pulmonary Conditions
  • Amputations
  • Eye Injuries, Vision Problems and Hearing Loss

Be sure to give your Coral Springs Workers’ Compensation Lawyer all the details of your condition and how it developed so that they can take the best course of action to help you!

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