Proposed hike for workers’ comp insurance causes alarm

Business and employer interests clash in Florida workers comp case

Florida’s business community and employee advocates are expressing alarm at a proposed 17.1 percent rate hike for what employers pay to cover workers’ compensation insurance.

“Seventeen percent is absolutely exaggerated unless we are trying to insulate insurers from their own bad behavior,” said Maitland attorney Geoffrey Bichler, who represents injured police officers and firefighters. He also filed a brief in a recent Florida Supreme Court case regarding workers’ comp, for groups including the Fraternal Order of Police.

“It’s basically a money grab by insurance companies who are trying to scare employers into supporting a change in the state’s laws,” said John Morgan, plaintiff’s attorney at Morgan & Morgan.

The rate increase was proposed Friday to the state by an insurance industry advocate, the National Council on Compensation Insurance based in Boca Raton. It’s a not-for-profit that crunches data for the workers’ comp industry whose board is made up almost entirely of insurance company representatives.

 

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What 25 Years in Insurance Has Taught Me!

Today is my 25th anniversary in this, the insurance business. I still very much enjoy the business (I don’t say I love it any more). During my tenure in the business I have learned many, many things about people and life in general. Had I not worked in insurance, I don’t think I would have learned a lot of what I have about people (I feel sorry for those who have never worked in insurance).

Below is a list of things I have learned over my career. Feel free to add your own perspective in the comments – I might just learn something from you.

  • Crazy people don’t know they are crazy. Stupid people don’t know they are stupid. And crazy stupid people are really messed up (they are usually the “know-it-alls” in the office).
  • No insurance carrier is guaranteed to survive – regardless of its prestige or rating.
  • Insurance people who understand insurance no longer run the insurance business; lawyers and accountants do – and sometimes actuaries.
  • Only good lawyers realize they don’t know everything about the law – and nothing about insurance.
  • Someone who truly understands insurance can explain its concepts in simple language. The person with no idea how it works masks their ignorance with $10 words and legalese.
  • There is ALWAYS more than one possible answer to a coverage question. One is just more correct than the others based on the particular situation.
  • Only “newbies” know everything about insurance.
  • The graveyard is full of irreplaceable people (producers, underwriters, consultants, etc.)
  • Regardless of how much I (you) know (or think I (you) know) about insurance, there is always MUCH more to learn.
  • When you stop learning, you stop improving.
  • If it’s not in the manual, it ain’t gonna get written.
  • Ignorance and apathy are rampant in the insurance business. Ignorance can be fixed; apathy is fatal.
  • Without insurance, our country does not and cannot enjoy the standard of living we do.
  • If you are not fascinated by and passionate about insurance, do something else (please).

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