Are you familiar with the state’s current worker’s compensation insurance rate? If so, know that things are about to change within the next few month. Beginning January 1, 2012 worker’s compensation will rise 8.9 percent throughout the entire state due to a ruling by Kevin McCarty, the Florida Insurance Commissioner.

Although McCarty’s office feels the increase was necessary small business owners are feeling the crunch. According to the National Federation of Independent Business this year’s increase paired along with last year’s increase of nearly 8 percent is a substantial increase in the cost of labor for small business owners who are merely trying to survive.

Yet even though the rate will be increasing Florida will still have the lowest rates in the Southeast as well as among all the large states. What are your thoughts on the rise of the worker’s compensation insurance rates? Flesh out your opinion in out comments section below.

Source: Miami Herald

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