As of January 1, 2018 there is a 9.5% overall workers’ compensation rate decrease on new and renewing policies in the state of Florida and a 9.8% decrease in premium levels. This is an average of statewide increases and decreases. Your rate may either increase or decrease, but we can give you more information about what your class of business rate will be.
Why is the workers’ compensation rate decreasing overall?
This decrease is welcome after the 14.5% increase in 2017. The National Council on Compensation Insurance contributes the decrease to declining loss ratio and a decrease in lost-time claim frequency.
What does this mean for you?
- The 9.5% increase will impact new and renewing policies that begin on or after January 1, 2018 .
- If your policy begins before January 1, 2018, then a rate decrease will not be experienced until renewal in 2019.
If you have questions or concerns regarding these changes we encourage you to contact us at any time, (352) 371-7977. We are available to assist you Monday through Friday from 9 am to 5 pm.
