State orders steep reduction in workers’ compensation rates — Business Management Daily: Free Reports on Human Resources, Employment Law, Office Management, Office Communication, Office Technology and Small Business Tax Business Management Daily
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State orders steep reduction in workers’ compensation rates

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in Compensation and Benefits,Human Resources

Good news for Florida employers: You can look forward to the fourth consecutive rate decrease since the state enacted workers' comp reforms in 2003.

The state's insurance commissioner, Kevin McCarty, recently rejected the National Council on Compensation Insurance's rate filing, which proposed an average statewide 13.3 percent cut for workers' comp insurance.

McCarty took issue with the council's methodology in the initial filing, ordering it to come back with a 15.7 percent cut. That would yield savings of more than $400 million for Florida employers.

The rates reflect significant declines in claims frequency and costs, translating into positive news for Florida employers facing increasing labor costs in other areas.  

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