“Claim Costs on the Rise – What Does This Mean for Your Business?”

After the Florida Supreme Court ruled on two high-profile claims in 2016 and the increase in medical fee schedules, Florida has seen the highest growth rate for indemnity payments per claim. Medical payments are among the second highest growth rate, according to the Workers Compensation Research Institute. 

2 major decisions made from these cases:

1. Attorney fee caps for claims lifted
2. Increased length of temporary total disability time to 260 weeks (prior limit was 104 weeks)

What does this mean for your business?

• More litigated claims – attorneys want their piece of the pie
• Higher lump sum settlements on claims
• Likely increase in fraudulent or exaggerated claims
• Greater lag time to getting your employees back to work
• Potential rate increase in 2020

• ALWAYS offer light duty work for injured employees – don’t let them miss one day of work
• Be diligent with safety training and disciplinary programs to avoid as many incidents as possible
• Reward your employees for a safe, incident-free workplace
• Get your agent involved immediately – don’t wait until the claim cost has gotten out of control

For more tips and strategies on protecting your business and employees, call us at (863) 646-4642.