Changes to workers’ compensation rates affecting Florida, New Jersey and Oregon

compensation rates. This is fantastic news because small businesses in Florida are the backbone of our economy and paying less for workers’ compensation coverage is helping business owners combat the effects of rising inflation,” Florida Chief Financial Officer Jimmy Patronis said in a statement. (Credit: Rawpixel.com/Shutterstock.com)” width=”620″ height=”372″/> “Year after year, Floridians see a decline in workers’ compensation rates. This is fantastic news because small businesses in Florida are the backbone of our economy and paying less for workers’ compensation coverage is helping business owners combat the effects of rising inflation,” Florida Chief Financial Officer Jimmy Patronis said in a statement. (Credit: Rawpixel.com/Shutterstock.com)

Florida, New Jersey and Oregon have all made recent announcements regarding workers’ compensation rates for 2023. Below is a general summary of each state’s announcement.

Florida

For the sixth consecutive year, the Florida Office of Insurance Regulation (FLOIR) has approved lower workers’ compensation premium rates. Florida Insurance Commissioner David Altmaier signed a order on November 7, 2022, approving the 8.4% cut proposed by the National Council for Compensation Insurance (NCCI).

“Year after year, Floridians see a decline in workers’ compensation rates. This is fantastic news because small businesses in Florida are the backbone of our economy and paying less for workers’ compensation coverage is helping business owners combat the effects of rising inflation,” Florida Chief Financial Officer Jimmy Patronis said in a statement. “I’m always proud to support the Florida small business community as we work to keep Florida the best place to live, work and run a business.”

New Jersey

Two changes to workers’ compensation in New Jersey will go into effect on January 1, 2023. First, the state’s Compensation Assessment and Inspection Office announced a 6.1% drop of the premium rate. New Jersey Insurance Commissioner Marlene Caride revised the Bureau’s proposed 4.7% drop after reviewing financial and statistical information that included some of the economic impact of COVID-19.

New Jersey also announced an increase in the maximum and minimum weekly benefits available to workers’ compensation claimants. For all occupational injuries, except for beneficiaries of permanent partial disability, weekly benefits will increase from $284 minimum, $1,065 maximum to a minimum of $293 and a maximum of $1,099. For recipients of permanent partial disability, the range of maximum weekly benefits would increase from $284 to $1,065 to $293 to $1,099, depending on the duration of the disability.

Oregon

Workers’ compensation rates in Oregon, on the other hand, will not change. The current rate of 9.8% will remain in effect in 2023. The additional contribution of 0.1% for self-insured and public self-insured groups and 0.5% for private self-insured, for respective totals of 9.9 and 10 .3%, will also remain the same for 2023. The workers’ compensation fund valuation will also remain stable at 2.2 cents per hour worked.

“In these uncertain times, stability is important for programs that benefit employers and workers,” Andrew Stolfi, director of Oregon’s Department of Consumer and Business Services and insurance commissioner, said in a statement. “Maintaining good benefits for workers, while reducing costs for employers, is positive for everyone.

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