Great news for Florida business owners! With prices on almost everything going up here's one thing business owners can look forward to getting a decrease on in 2022.
The Florida Office of Insurance Regulation (OIR) issued a final order granting approval to the National Council on Compensation Insurance (NCCI) for a statewide overall workers’ compensation insurance rate decrease of 4.9%. The rate decrease applies to both new and renewal workers’ compensation insurance policies issued in Florida beginning on January 1, 2022.
“Our small business community is the backbone of our economy and I am so pleased to see a reduction in their workers' compensation rates. Our state remains committed to supporting Florida families, and reduced rates benefit not only employers but the communities they serve,” said Attorney General Ashley Moody.
“This 4.9% reduction in workers' compensation rates lowers insurance costs for employers in 2022. Safer workplaces, innovative techniques, and improved risk management practices have resulted in the continued decline in workers compensation claims, ultimately benefitting Florida businesses,” said Insurance Commissioner David Altmaier.
If you have questions about lowering your Workers Compensation premium or would like a quote contact the Work Comp experts at Streamlined Business Insurance.
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