Workers’ Comp Rate Decrease Approved Effective 1/1/10

On October 15, 2009, Florida Insurance Commissioner Kevin McCarty issued an order approving the proposed rate decrease submitted by the National Council on Compensation Insurance (NCCI) for workers' compensation insurance rates.

The NCCI filing submitted August 20, 2009 includes an overall average statewide rate decrease of 6.8 percent effective January 1, 2010.

The rate decrease is the seventh consecutive decline in workers’ compensation rates since the Legislature passed sweeping reforms in 2003.  The cumulative overall statewide average has decreased by 63.2 percent.

Before the 2003 reforms, Florida had the first or second highest workers’ compensation rates in the country. Last year, Florida dropped to the 28th highest; the most recent round of rate reductions will place Florida among the lowest 10 states in the country.

Are Your Contractor Clients’ Exemptions in Jeopardy?

Corporations (INC) and limited liability companies (LLC) are required by state law to file an Annual Report with the Florida Department of State every year and pay the appropriate filing fee.  The Annual Report costs $150 for corporations and $50 for LLC’s.  It is simply a way to update the State of Florida on any changes to the company’s information, such as address changes, any added or deleted corporate officers, etc.  This is very important for those in the construction industry who have added an officer who needs to get a workers’ compensation exemption.  Corporate officers and LLC owners cannot apply for or receive a workers’ comp exemption until they are listed on the State of Florida’s corporate database.

If changes to the business are not filed on the Annual Report, the owners will have to pay an additional fee to file an amendment to the Articles.

Annual Reports were due by May 1st. If you have clients in the construction industry with exemptions from workers’ comp, and they failed to file their Annual Reports, the state has now dissolved the corporation or LLC, and the company is no longer considered “active and in good standing.”  This means their exemptions from workers’ compensation can be revoked by the Division of Workers’ Compensation.  If your clients need to keep their workers’ comp exemption active and have failed to file an Annual Report, they must act now. 

Business owners can go to www.sunbiz.org to file reinstatements.  Click on the button in the middle of the page that says “File a Reinstatement Here!” and follow the detailed instructions.

It’s a Good Year at FUBA Workers’ Comp

In a market where times are tough, FUBA Workers’ Comp is having a good year.  In fact, we are seeing some better numbers as it relates to submissions, quoting and binding than we saw last year.

We have experienced more than an 80% increase in submissions.  This is a good indicator that some of our new marketing programs, including paying 18% commission for new business, are striking a chord with our agents.  Other sales incentives seem to be helping too, such as FUBA Funds, where agents and CSRs are earning a $25 VISA Gift Card with every account bound through March 31, 2010 and FUBA Rewards, where agency owners win prizes in 6 different categories when they write as little as $50,000 in new business.

There has also been more than a 20% increase in submission dollars which is very encouraging taking the 18.6% rate reduction into account from the previous year.
 
We have also seen more than a 20% increase in quoted dollars. The increased number of submissions and the increased number of quotes has translated into an increased number of bound new businesses.

With our excellent premium to surplus ratio, commitment to excellent service and competitive commissions and dividends, we hope that FUBA Workers’ Comp is your first choice for your workers’ comp needs.  If you haven’t already, join your fellow agents and send us your submissions today.

FUBA Who's Who

Bonnie Glover

As a member of FUBA’s frontline, chances are you have talked to Bonnie Glover, one of our receptionists, and this issue’s spotlight employee.  Bonnie has worked at FUBA since April, 2008 and has shared with us that everything important in her life happens in April – both Bonnie’s and her husband’s birthdays, their wedding anniversary, and now her FUBA anniversary.  She even retired from the State in April too after 35 years of service, mostly in the Governor’s Office of Planning and Budgeting. Bonnie is a true North Florida gal, having been born in Lake City, raised in Perry and now living in Tallahassee.  Although she lives in Seminole territory and sometimes supports the Noles, if FSU plays the Gators, she roots for Florida and her husband, Joe, balances it out by pulling for FSU. Bonnie and Joe have 3 children, 2 granddaughters, 2 dogs and a cat.  Joe and Bonnie really enjoy walking in their neighborhood with their dogs (occasionally the cat joins them) and take pleasure in spotting local wildlife – rabbits, turtles, raccoons, opossums, foxes, hawks, owls and sometimes even snakes. FUBA hears many compliments about Bonnie, mostly how it is refreshing to speak with someone so polite and friendly, instead of having to use an automated system.  Bonnie’s ability to route calls to the correct department also gets big kudos from callers.  “She makes my day every time I call,” one agent remarked. “I love working at FUBA,” Bonnie tells us.  “I enjoy the folks in the office, talking to our agents and insureds, and sipping on Starbucks coffee.  It is a pleasure coming to work, and I’m very thankful to be in such a great work environment.”  FUBA is thankful for Bonnie too.

FUBA Fact

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