Timing is everything. And now may be the perfect time to take a closer look at a different approach to workers' compensation coverage — the alternative-risk market.
During the past five years, the $3.7 billion (2006) Florida workers' compensation market has experienced profound change. According to the Florida Office of Insurance Regulation, prior to 2003, Florida was consistently ranked either number one or two as having the most expensive workers' compensation rates in the U.S. The beleaguered Florida workers' compensation system had created affordability and availability issues for Florida employers.
With pressure mounting, in 2003 the Florida Legislature passed Senate Bill 50-A to reform the system. The reform addressed many provisions of the workers' compensation law, including attorneys' fees, construction industry requirements for workers' compensation insurance, fraud, and benefits for injured workers.
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