Workers’ Comp Rates Set to Drop 7.5 Percent in 2020
There’s good news to share about your workers’ compensation rates. Job creators will continue to see rates drop in 2020.
The Florida Chamber’s 15-year-long fight against high workers’ comp rates has helped lead to rates dropping by more than 65 percent over the years. Fixing Florida’s workers’ comp system is a Florida Chamber priority, and it has helped lead to Florida become one of the nation’s top business climates in the country.
And today, Florida insurance regulators approved a further rate reduction – decreasing rates by an average of 7.5 percent effective January 1, 2020 for new and renewal policies. Much of the decrease is due to an improved loss experience, a decline in the frequency of claims thanks to technology, safer workplaces, improved risk management and a change in industry makeup. These trends have more than offset the increase in attorney fees due to the 2016 Florida Supreme Court decision, Castellanos v. Next Door Company.
But we can’t let our guard down.
Just last week, Senate President Designate Wilton Simpson said during the Florida Chamber’s Future of Florida Forum that rates could be even lower if Florida hadn’t faced a $1.5 billion increase in system costs after the Court’s Castellanos decision.
That’s why the Florida Chamber’s Workers’ Comp Task Force is continuing to stand on the front lines in protecting workers, while also working to reduce cost drivers like attorney fees.
Share Your Advice
If you believe your workers’ comp rates are still too high, sign our petition today to join with job creators as we seek solutions to Florida’s workers’ comp system. Want to learn more about cost drivers in the workers’ comp system? Click HERE to see what the state has to say.