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June 25, 2003: Worker’s Comp Costs Keep Rising

June 25, 2003
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TALLAHASSEE, Fla., OLYMPIA, Wash., and CHARLESTON, W.Va. — Workers’ compensation insurance is becoming much more of a problem than a benefit for companies across the country.

According to a story in the New York Times, the governors of the states of Florida, Washington, and West Virginia have called for special legislative sessions to tackle the sharply rising costs of this insurance. Other state governments are also introducing bills to curtail mounting costs.

Although workers’ compensation insurance covers employees on a nationwide basis, it is regulated state by state.

An expert cited by the Times stated that the national average cost of the insurance has increased approximately 50 percent in the last three years. The state where costs are said to be rising fastest is California, where it is up almost 100 percent in the past three years.

Publication date: 06/23/2003

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