Workers’ Compensation Rates Have Dropped 60 Percent Since 2003

By: Melissa Roberts

In 2003, Florida had the second highest workers’ compensation premium in the country. In 2014, that number decreased by nearly 60 percent.

Workers’ comp is insurance coverage purchased by businesses to provide wage replacement and medical benefits to employees injured in the course of employment. It ensures the safety of Florida’s workforce, but fraudulent claims, cost shifting and attorney fees can result in unnecessary expenses and increased insurance premiums, driving rates up.

As Florida’s workforce prepares for 2 million net new jobs needed by 2030, how will we continue to improve workers’ comp costs and maintain a competitive business climate, while helping injured workers get the medical assistance they need?