Florida’s Work Comp rates to drop 4.7% in 2016

On November 12, 2015, the Florida Office of Insurance Regulation (Office) approved an overall decrease of 4.7% in workers’ compensation insurance rates in Florida (press release). Following the disapproval of its original rate filing request, the National Council on Compensation Insurance (NCCI) submitted additional information for the Office’s consideration and asked that the Office re-evaluate three specific items pertaining to its annual rate filing: expense constant, indemnity trend, and the profit and contingency factor. The final order re-confirms the Office’s denial of the requested modifications to the expense constant and indemnity trend. However, the Office granted an increase in the profit and contingency factor from the current approved 2.5% to 2.75%, which lowered the decrease in workers’ compensation rates from 5.1% to 4.7% overall. The new rates become effective January 1, 2016 for both new and renewal workers’ compensation rates.

According to the Florida United Businesses Association (FUBA), the decreases in the class codes among the 5 main industry groups are as follows:

  1. Manufacturing (-7.5%)
  2. Contracting (-1.8%)
  3. Office and Clerical (-7.8%)
  4. Goods and Services (-4.4%)
  5. Miscellaneous (-4.6%)

The Office also approved an increase in the annual payroll amount used to determine premium for partners and sole proprietors.­ This amount is increasing by $800, from $43,000 to $43,800.

Lastly, the Expense Constant (flat per-policy fee that is charged for every policy), will stay at $200 for 2016.

HR for Business – Consultstu LLC provides fractional HR services to small/mid businesses, and helps companies minimize HR costs and improve HR efficiency.  It assists clients with customized HR solutions that provides protection from expensive HR mistakes and strategies for improving employee engagement.  Contact Stuart Charlson at 727-350-0370, or email[email protected]

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