New Jersey's top insurance regulator has approved as of January 1, 2013 an 8.3% increase in workers' compensation rates –  the third in as many years – in response to a filing by the New Jersey Compensation Rating and  Inspection Bureau, largely driven by rising medical costs.

New Jersey joins several large states that are seeing rising workers' comp rates this year. Florida approved a 6.1% hike earlier this month. California last week approved an increase in the state's advisory pure premium rate that is 2.8% greater than the average filed rate and followed an 8.3% hike in the pure premium rate that took effect on July 1. The National Council on Compensation Insurance has recommended a 7.1% rate increase in Connecticut to take effect on January 1.

Workers' comp rate increases are great for brokers because higher premiums mean higher commissions. However, higher premiums can send even most loyal clients shopping for lower premiums.

Our company, Apex Services, does not sell insurance. We partner with brokers nationwide to help them obtain workers compensation refunds for their clients on their prior years' policies. There are no out-of-pocket expenses to the client or the broker. The best part of all is that brokers earn commissions while maintaining their clients and win new business.