Florida Workers' Compensation Rates Reduced for 2025
Our friend Robert Skrob, Executive Director of the Florida Association of Professional Employer Organizations (FAPEO), recently shared with our team the latest update on workers' compensation insurance rates in Florida. This marks a significant change for businesses across the state.
The Florida Office of Insurance Regulation (OIR), led by Commissioner Michael Yaworsky, has approved a statewide decrease of 1.0% in workers' compensation insurance rates for industrial classifications. This reduction will apply to both new and renewal policies starting January 1, 2025. For businesses operating in hazardous "F" classes, the rate decrease is even steeper at 13.9%.
Commissioner Yaworsky emphasized that this is the eighth consecutive year of rate reductions in Florida. He credits the stability and competitiveness of the state's workers' compensation insurance market to legislative reforms and consistent industry improvements. These changes are expected to support both new and existing businesses in reducing operational costs while maintaining safe workplaces.
This reduction reflects the efforts of the National Council on Compensation Insurance (NCCI), which submitted the filing approved by the OIR. For those interested, you can explore more details in the public hearing recording and the Final Order.
It's always exciting to see policies that benefit businesses while ensuring protection for workers. We’ll continue to keep you updated with insights on insurance trends and regulatory changes!
Author: PJ Hughes
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The PEO Compass is a friendly convergence of professionals and friends in the PEO industry sharing insights, ideas and intelligence to make us all better.
All writers specialize in Professional Employer Organization (PEO) business services such as Workers Compensation, Mergers & Acquisitions, Data Management, Employment Practices Liability (EPLI), Cyber Liability Insurance, Health Insurance, Occupational Accident Insurance, Business Insurance, Client Company, Casualty Insurance, Disability Insurance and more.
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