The National Council on Compensation Insurance is recommending a 7.4% average rate decrease for workers’ compensation insurance, voluntary market, in Florida.
If approved by state regulators, it would mark the 10th straight year of decreases, in line with most U.S. states that have seen a steady decline in worker injuries, claims and loss costs.
“This is welcome news for Florida’s small businesses that continue to report hiring challenges throughout the state,” Bill Herrle, executive director of the National Federation of Independent Businesses, said in a statement this week. “Small business owners are increasing wages to attract workers, and as these rates are tied directly to payroll, a reduction in … rates would be beneficial to small business owners and their employees.”
The decrease would take effect Jan. 1, 2027, following a 6.9% average decrease in January of this year.
The NCCI recommendation is based on recent years of experience for Florida employers, but also notes minor increases in maximum allowable rates for some medical providers, the Florida Phoenix and Islander News reported.
Related: Seven People Charged in $100M Workers’ Comp Fraud Scheme
Topics
Florida
Workers’ Compensation
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