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The exact amount of the rate decrease will be determined after the Florida Office of Insurance Regulation (OIR) holds a public hearing in October to discuss NCCI’s rate request and the Insurance Commissioner issues a formal decision. If the proposed rate decrease is approved, it will take effect January 1, 2020 and will apply to workers’ compensation policies as they are issued or renewed on or after that date.
Please note: The -5.4% decrease is an average rate decrease across all industry types. The rate change for your specific workers’ compensation policy may be different. The average proposed rate decrease by industry group is:
Gulfshore Insurance will provide additional information following the final rate decision. If you have any questions or concerns regarding this information, please contact us. We are here to assist you and happy to answer any questions you have.
Hurricane Irma’s historic size and impact have been felt throughout the state. In addition to its impact on Floridians and their property, Hurricane Irma has the potential to impact your insurance after the fact. It is important to make sure you have the proper coverage in place before accepting projects outside your normal scope of operations; leasing and operating new equipment; or hiring new sub-contractors.
Below are several important post Hurricane Irma considerations to make.
WORKERS’ COMPENSATION: Employees may be working extensive overtime hours or you may be hiring temporary sub-contractors.
EQUIPMENT FLOATERS & INLAND MARINE: Leasing & operating temporary equipment could put you at risk.
MOLD: Do not end up with a mold-related lawsuit; have the proper coverage in place.
GENERAL LIABILITY: Policy exclusions may impact the scope of work you are taking on.
It is important to discuss these considerations with your trusted Client Advisor or Account Manager at Gulfshore Insurance to ensure you have the proper protection. If you have any questions or concerns regarding this information, please contact us. We are here to assist you and happy to answer any questions you have.
After 3 years of workers compensation rate increases, Florida based companies may see a small decrease come 2015. The National Council on Compensation Insurance Inc. announced in a statement on Friday, August 22 that they are recommending an overall rate decrease for workers compensation in Florida. This has not happened statewide since 2010.
NCCI is the licensed rating and statistical organization that fosters a healthy workers compensation system for Florida. They suggested an average rate decrease of 2.5% with an effective date of January 1, 2015. The decrease is still pending approval from the Office of Insurance Regulation, who makes the final decision. Read moreTags: Commercial Insurance, Commercial Risk Management, Work Comp, Workers' Compensation
Florida legislature unanimously passed the Florida Information Protection Act of 2014 (FIPA) on April 30, 2014. The new bill requires specified entities to take reasonable measures to protect and secure data containing personal information in electronic form and for them to notify individuals of data security breaches within 30 days of the occurrence. This bill went into effective on July 1, 2014. Understanding the changes and how it impacts your business is vital.
Due to increasing frequency of cyber security breaches, this statute became a necessity for the state legislature to address the growing concern. Last year alone, corporations experienced a 15 percent increase in average data breach costs – totaling about $3.5 million. The most common, not to mention most costly, type of data breach is a malicious insider or criminal attack. Read moreTags: Commercial Insurance, Commercial Risk Management, Cyber Breach, Cyber Crimes, Cyber Protection, Cyber Security, Risk Management
Traditional insurance policies were not designed to insure against the emerging risk of cyber incidents, though limited coverage may be available with some programs. The Business Owners Policy that is commonly purchased by small to medium sized businesses rarely covers even a limited amount of electronic data loss for a business. There are however some common policies that can offer a bit more coverage such as some boiler and machinery, directors and officers or even crime policies but the limits are usually low and the coverage is very limited. It’s important to be mindful of the increasing vulnerability of your business’s confidential customer and client information as massive data breaches become increasingly popular.
In response to the ever-growing internet reliance, insurers have developed new coverages that apply to a variety of cyber security and other privacy liability risks. Each new program is tailored to meet the unique needs of the individual technology used by the company and level of risk involved. While your company may not need all of these coverages today it is important to know they exist as well as revisit them as your company grows. These coverages are typically available as a package or on an individual basis. Read moreTags: Commercial Insurance, Commercial Risk Management, Cyber Crimes, Cyber Insurance, Cyber Protection, Cyber Security, Risk Management