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Changes To Compliance Laws 12-2016

Changes to Compliance Laws 12-2016

At iBusinessSolutions, we pride ourselves on providing our clients with the most up-to-date information with regard to compliance and legislative changes. We have been keeping our eye on two very important developments in legislation: Overtime Compliance Laws and Workers’ Comp Rate Increases; both of which we have received important new information regarding changes that were to go into effect on December 1, 2016. Workers’ Comp 14.5% Rate Increase Set for 12/1/16 - ON HOLD Our sources at the National Council…

FL Workers Comp-2016 Rates Increase Proposed

FL Workers Comp-2016 Rates Increase Proposed

You may be wondering what NCCI stands for and what this increase in rates means for you and your business. NCCI (National Council on Compensation Insurance), has filed a proposed workers comp rate increase of 17.1% with the Office of Insurance Regulation (OIR). If the OIR approves this request, the rate increase on August 1, 2016. As for existing polices, the rate increase will apply on a pro-rata basis from August 1st through the remainder of the policy term. The…

How To Lower Your Workers’ Comp Claims

How to Lower Your Workers’ Comp Claims

In the previous article of this series, "Part 1: Why Are Your Workers' Comp Claims Doubling?" we discussed comorbidities. If you don't recall from the last article or are starting with part 2 of the series, comorbidities are medical conditions that exist at the same time another condition is being treated. The most common comorbidities are obesity, diabetes, hypertension, and drug abuse. Unfortunately, these nasty things can raise your claims costs by about $10,500-$13,500 per claim, depending on the comorbidity.…

Why Your Workers’ Comp Claims Are Doubling

Why Your Workers’ Comp Claims Are Doubling

For most people, "comorbidity" is a term we don't here often. So what does this concept mean? And how is it impacting your claims costs? Comorbidity is a medical condition that exists at the same time another condition is being treated. Generally, the conditions are independent from one another. In other words, a patient who is being treated for a back injury might also have diabetes. In this case, diabetes is considered the comorbidity. The four most common comorbidities are…

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