According to an August 29,2019 press release by the Florida Office of Insurance Regulation, the National Council on Compensation Insurance (NCCI), the company who files on behalf of Florida’s workers’ compensation insurance companies, submitted a rate filing for a proposed overall average statewide workers’ compensation premium decrease of 5.4% effective date of January 1, 2020. This would be the third straight year of premium decreases. The last two approved experience filings in Florida have resulted in significant rate decreases; -9.5% effective January 1, 2018 and -13.8% effective January 1, 2019.
Click here to read the Filing Summary and reasons supporting the requested decrease in standard class code rates.
The Florida OIR will review the filing and the proposed changes are not excessive, inadequate or unfairly discriminatory and evaluate its potential effects on the insurance marketplace and employers, who are required by law to carry this insurance on their employees.
Even with work comp rates trending down, it is still an excellent time to review your risk management practices, injury management methods, HR policies and insurance coverage. Premium discounts are available to Florida employers that implement a drug-free workplace and a written safety plan. Human resource policies and practices can greatly assist your business to lower its workers’ compensation costs with structured hiring, background screening, safety training/orientation, and claims management techniques. Check with us if you need help identifying and implementing methods to help control your workers’ compensation costs.