Florida Insurance Commissioner David Altmaier has issued a Final Order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall decrease of 6.6 percent for Florida workers’ compensation insurance rates.
The new rate applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2021.
Gov. Ron DeSantis said this week that he backs Altmaier’s decision.
“My administration remains committed to fully supporting Florida businesses, and we will continue to ensure Florida’s job creators are well positioned during our state’s economic recovery. This decrease in workers’ compensation rates will serve as welcome relief for our employers,” said DeSantis.
CFO Jimmy Patronis is also behind the decision.
“The statewide overall 6.6 percent workers’ compensation insurance rate decrease is a major win for Florida businesses as we work to rebuild our economy and ensure job creators have the ability to get Floridians back to work. As your CFO, one of my top priorities is to attract job creators and innovators to the state of Florida and this rate reduction is yet another reason why the Sunshine State is where businesses come to thrive. Our small businesses are the backbone of our economy and every Florida community benefits when they see cost savings. This is yet another example of why there is no better place to live, work, and run a business than right here in Florida,” Patronis said.
“We are pleased to see continued decreases in workers’ compensation rates for Florida businesses. Florida businesses have seen unprecedented challenges this year and lowering these costs will help increase stability for employers and ultimately, Florida’s families,” said state Attorney General Ashley Moody.
State Agriculture Commissioner Nikki Fried, the only Democrat in the Florida Cabinet, is also backing the decision.
“Agriculture is a major component of Florida’s economy and the decrease in workers’ compensation rates is good news for Florida farmers. This relief provides a very real benefit at a time when agriculture’s efforts are more important than ever,” said Fried.
“This further reduction in workers’ compensation insurance rates for 2021 reflects the continued commitment to safety and innovation in Florida workplaces. The decline in workers compensation claims, which is reflected in lower rates, is a positive indicator for Florida businesses,” said Altmaier.