Speaking from first-hand experience, this is good news (although it would have been nice to see a 7-8 percent decrease rather than the 2.9 percent drop the construction industry is expected to receive. Inflated Workers Comp rates for builders have been oppressive, particularly for small businesses wanting to operate within the strictures of the law. This seems like a good step toward making the rates more reasonable.
TALLAHASSEE (CBSMiami/NSF) – Florida employers could see the first overall reduction in workers-compensation insurance rates in four years.
An overall 2.5 percent decrease has been proposed by the National Council on Compensation Insurance, the state announced Friday.
The decrease is expected to be discussed during a public hearing in October.
Manufacturers could see the biggest drop, 3.2 percent, under the proposal.
The contracting industry is lined up for a 2.9 percent decrease, and office and clerical services would get a 1.3 percent drop, according to a statement from NCCI.
The proposal, if approved by the state Office of Insurance Regulation, would take effect in January.
Last year, the overall rate grew 0.7 percent, which was slightly lower than a proposed 1 percent increase. The approval followed annual increases of 6.1 percent, 8.9 percent and 7.8 percent in the three previous years.
“The News Service of Florida contributed to this report.”
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