Gov. Ron DeSantis and Florida Insurance Commissioner David Altmaier announced a drop in workers’ compensation insurance rates in the Sunshine State.
This week, Altmaier has issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall decrease of 7.5 percent for Florida workers’ compensation insurance rates. This applies to both new and renewal workers’ compensation insurance policies effective in Florida as of the start of 2020.
“Florida is an ideal place to do business and I am committed to keeping our workforce and economy strong. This decrease in workers’ compensation rates is very good news for employers and one more reason for companies to be located in our great state,” said DeSantis.
“Florida businesses are the backbone of our economy and when they see cost savings, our local communities benefit. 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,” said state CFO Jimmy Patronis.
“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,” said Altmaier.
This marks the third year in a row there has been a drop in the workers’ comp rate in Florida.