Florida worker's comp rate cut

Businesses in Florida will see a drop in their workers comp insurance rates beginning next month. Florida Insurance Commissioner Kevin McCarty last Wednesday issued a final order approving a rollback from the April 1st rates to the lower workers’ compensation insurance rates that became effective January 1st. The lower rates are due to a new law that caps attorney’s fees in workman’s comp cases. Under the new law, attorneys will be paid based on a set fee schedule; Hourly fees will not be allowed. The approved rate decrease will save Florida employers about $172 million in insurance costs. It effectively restores the 18.6 percent rate decrease that took effect January 1st. Prior to the legislative reforms, Florida consistently ranked No. 1 or No. 2 in the country for the highest workers’ compensation rates; however, post-reform Florida has dropped out of the top 10 rankings.