Florida Workers’ Comp Rates for 2021

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 CodeDescription2020 Rates2021 Rates Rate Change
7219Trucking NOC6.856.63-3%
8018Store Wholesale-NOC2.932.91-1%
8742Salesperson.35.33-6%
8810Clerical.17.16-6%
8829Convalescent Home-All Employees2.292.25-2%
8864Social Services Organizations1.591.622%
9014Janitorial3.763.60-4%
9015Building or Property Management3.893.81-2%
9082Restaurant NOC1.801.67-7%
9083Restaurant Fast Food1.741.59-9%

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.

Florida Announces $8.65 Minimum Wage Rate for 2021

Editor’s Note: Currently, Florida voters are voting on if Florida should increase its minimum wage to $15 over a 6-year period. If 60% of Florida voters approve, we will update this post.

Florida has published new minimum wage posters announcing an $8.65 minimum wage rate for 2021. Florida’s minimum wage rate is adjusted annually to reflect changes in the cost of living.

The new rate becomes effective Jan. 1, 2021. Employers should be mindful of local laws, ordinances and any rule or regulation that may increase an employee’s minimum wage rate.

Tipped Employees

Florida allows employers to pay their tipped employees a minimum wage rate of at least $5.63 per hour.

A tipped employee is an employee who engages in an occupation where he or she customarily and regularly receives more than $30 per month in tips.  Employers are required to subsidize a tipped employee’s minimum wage rate if the employee’s tips and gratuities are insufficient to allow the employee to receive wages that are at least equal to the state’s minimum wage rate.

Posting Requirement

Employers must display the 2021 minimum wage poster in a location where employees can easily see it. The Florida 2021 minimum wage poster is available in English, Spanish and Creole.

Next Steps for Employers

Florida employers should review and adjust their payroll systems to make sure nonexempt employees receive wages that are at least equal to the state’s minimum wage rate.

If you have any questions regarding your required posting notices, please reach out to Libertate Insurance Services at 888-501-0014.

Florida WC Rate Decrease Hearing Set for Tomorrow

The Florida Office of Insurance Regulation will be discussing on the 18th of October NCCI’s proposed rate decrease of 9.6%.  Agenda shown below.  If you have any comments that you would like the state to hear, you can email ratehearings@floir.com with the subject line of your e-mail should read “NCCI” up until the 25th of October.

PUBLIC HEARING AGENDA
NATIONAL COUNCIL ON COMPENSATION INSURANCE
WHEN: October 18, 2017, 1:00 p.m.
WHERE: 412 Knott Building
404 South Monroe Street
Florida Capitol Complex
Tallahassee, FL 32399
GENERAL SUBJECT MATTER TO BE CONSIDERED: National Council on Compensation Insurance (NCCI) has
proposed an overall average decrease in rate levels of 9.3% for the voluntary market for all new and renewal workers’
compensation insurance policies written in the State of Florida, effective January 1, 2018. The filing also requests a
decrease to the fixed expense cost applicable to every workers’ compensation policy in Florida from $200 to $160 which
when combined with the rate level decrease results in an overall average workers’ compensation premium decrease of
9.6%.
1. Opening Remarks Office of Insurance Regulation (Office)
a) Introduction of Office personnel
b) Introduction of participating parties
2. Presentation National Council on Compensation Insurance
3. Public Comment Open to the Public
4. Closing Remarks
5. Adjourn
Any comments or concerns not addressed at the public hearing may be forwarded to ratehearings@floir.com; the subject
line of your e-mail should read “NCCI”. The record will be open for public comment until October 25, 2017.