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Workers’ Comp Insurance Rate Cut Finalized
November 21, 2019
Florida Insurance Commissioner David Altmaier has approved a statewide statewide overall decrease of 7.5% for Florida workers’ compensation insurance rates.
The rate decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2020.
“I am pleased to issue this order, reducing workers’ compensation rates for Florida’s businesses, providing another year of rate relief. Increased innovation in workplace practices and continued emphasis on safety for employees has meant a decline in the workers’ compensation claims and Florida businesses will see the results of those efforts reflected in their insurance rates,” Altmaier said.
“Florida businesses are the backbone of our economy and when they see cost savings, our local communities benefit,” said CFO Jimmy Patronis. “Affordable workers’ compensation insurance means more workers are protected. It is great to see the costs of this coverage continue to decrease for those businesses who call Florida home.”
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