State cuts workers’ comp rates by an average 15.7 percent — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily

State cuts workers’ comp rates by an average 15.7 percent

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The state’s insurance commissioner, Kevin McCarty, got his wish, approving an average 15.7 percent cut in workers’ compensation rates. That means a savings of more than $400 million for Florida employers.

Effective Jan.1, rates will drop 15.4 percent for manufacturing, 16 percent for contracting, 16.2 percent for office and clerical, 15.3 percent for goods and services and 15.7 percent for miscellaneous other industries.

McCarty had rejected the initial filing by the National Council on Compensation Insurance, which had proposed an average statewide 13.3 percent cut. He took issue with the council’s methodology and ordered it to come back with the 15.7 percent cut.

The rates reflect significant declines in claims frequency and costs, translating into positive news for Florida employers.

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