Good News! I am pleased to advise that the Florida Office of Insurance Regulation (OIR) has approved an overall decrease of 4.7% to workers’ compensation rates for new and renewal workers’ compensation policies issued in Florida on or after January 1, 2016. This is the second consecutive rate decrease in Florida.
The 4.7% decrease is an average over all workers’ compensation class codes. Individual class codes may decrease more or less than this amount. The average rate change for the five major industry groups are as follows:
Please note: Although NCCI proposed a reduction in the Expense Constant (flat per-policy fee that is charged for every policy), OIR did not approve this change, so the Expense Constant will stay at $200. In addition to the class codes rate changes, OIR has 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.
If you have any questions about your specific coverage or class codes, or anything else for that matter, please contact your Morris & Reynolds Underwriter or Agent and we will be happy to help you. As always, for the honor of providing your protection, thank you.