On November 7, 2022 the Florida Office of Insurance Regulation Approved an 8.4% Decrease in Workers’ Compensation Insurance Rates for 2023. This decrease will be effective for both new and renewal work comp policies.
Florida Insurance Commissioner David Altmaier granted approval to the National Council on Compensation Insurance (NCCI) for a statewide overall workers’ compensation insurance rate decrease of 8.4 percent for policies effective in Florida as of January 1, 2023.
By lowering the cost for workers’ compensation insurance for employers. There may be substantial encouragement for more businesses to get involved with the construction trades in Florida as demand for those services has exploded in the wake of the massive damage done by hurricane IAN.
“Year after year, Floridians are seeing a decrease in workers’ compensation rates. This is fantastic news as Florida’s small businesses are the backbone of our economy and paying less for workers’ compensation coverage helps business owners combat the impacts of rising inflation,” said Chief Financial Officer Jimmy Patronis. “I’m always proud to support Florida’s small business community as we work to keep Florida the best place to live, work, and run a business.”
“I’m pleased to see the sixth consecutive year of a reduction in workers’ compensation rates,” said Attorney General Ashley Moody. “When businesses are able to succeed, they help create vibrant communities which ultimately allow Florida’s families to thrive.”
“For the sixth consecutive year, Florida businesses will see a reduction in workers’ compensation rates – which also means lower insurance costs for employers,” said Insurance Commissioner David Altmaier. “We look forward to another year of rate relief for Florida businesses.”
Additional information regarding the NCCI public hearing and rate filing is available on OIR’s website.
If your Florida based company is currently with a Professional Employer Organization (PEO), you may want to contact them to understand how your cost may be reduced starting in January 2023. If your Florida based company has a stand-alone Work Comp insurance policy now would be a good time to consider joining a PEO.