Florida Insurance Commissioner Orders Workers' Compensation Rates To Drop
Florida’s small businesses should see their workers’ compensation rates drop at the beginning of next year. State Insurance Commissioner Kevin McCarty has ordered an average premium reduction of 5.2 percent. That’s a deeper cut than the 2.5 percent insurers originally requested.
Taylor Gibson manages the Tallahassee branch of Two Men and a Truck moving company. He says the cuts will take a burden off businesses.
“This is a part that’s out of our control," he says, "whether we have safety plans in place, whether we have safety programs, whether we have training for every guy, this is still something that’s out of our control that is being changed that can help us financially have the best kind of support for when claims do arise.”
Gibson says workers comp rates are so high that employers often pay small doctor’s bills out of pocket instead of filing full claims. Rates have increased in Florida for each of the last three years. The new lower rate is expected to go into effect in January, barring an administrative challenge by the insurance industry.