The Florida Office of Insurance Regulation (OIR) announces the release 2021 workers’ compensation rates. OIR has lowered rates for 2021 for both renewed and newly written workers’ compensation policies. The overall average rate decrease is -6.6%, but individual class codes may see increases.
Below is a 2020 vs 2021 rate comparison of common workers’ comp class codes.
|Class Code||Description||2020 Rates||2021 Rates||Rate Change|
|8829||Convalescent Home-All Employees||2.29||2.25||-2%|
|8864||Social Services Organizations||1.59||1.62||2%|
|9015||Building or Property Management||3.89||3.81||-2%|
|9083||Restaurant Fast Food||1.74||1.59||-9%|
The Florida United Businesses Association (FUBA) has provided some additional insight on what to expect.
- The maximum weekly payroll for executive officers will increase from $2,800 per week to $2,900 per week.
- The minimum weekly payroll for officers in the construction industry will increase from $450 per week to $500 per week.
- The minimum weekly payroll for all other officers will remain at $950 per week.
- The annual payroll for sole proprietors and partners will increase from $48,800 to $50,500 per year.
- There will not be a surcharge from the Florida Workers’ Compensation Insurance Guaranty Association on policies in 2021.
If you have any questions regarding the rates and upcoming changes, please reach out to our experienced staff at Libertate Insurance 888-501-0014.