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According to a recent study conducted by the OR Department of Consumer Business and Services, Florida ranked 28th in the average cost for state workers' comp insurance rates. Florida rates are approximately 1% below those of the median state in the country. This is a slight decline from the prior study done in 2022, when Florida ranked 27th. See updates on Florida rates below:
Florida rates are established and approved annually by the Florida Department of Workers Compensation. Rates are based on recommendations from NCCI. All carriers are required to charge the same base manual rates for coverage in Florida, making it the only non-monopolistic state that requires set rates for insurance companies. Therefore, the only additional components of pricing Florida workers compensation policies include experience modifiers, drug credits, safety credits, and carrier discounts.
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What influences my workers comp insurance cost?
Insurance companies file their "base manual rates" for approval with each state for all class codes. Rate recommendations are generally made to the state and carriers annually by the National Council on Compensation Insurance.
Employee claims are reported to NCCI and statistically compared with all other similar type businesses using the same class code in each state. An Experience Modification Rate may apply to your business after a few years of coverage.
Insurance company underwriters are permitted to make premium rate adjustments based on unique factors about your business, safety practices, and management experience in most states.
Insurance companies may apply policy credits and debits to the base manual rates. Additional discounts can be applied to premium as the total payroll & premium increases.
Smart Agents with expertise in workers' compensation insurance utilize this information to negotiate your insurance rates with underwriters. A good narrative about your business helps insurance companies justify a better price.
Rates for State Class Codes. Select Codes Listed:
Florida workers' compensation rates listed below represent the current insurance rates valid through1/1/2025. Florida rates are set by the Florida Department of Insurance. Insurance companies may be able to offer discounts, dividends and credits to policy holders' work comp policies. We offer Pay As You Go work comp coverage in Florida to help improve cash flow. Our agency helps Florida employers get workers' compensation coverage at the best price.
Florida workers' comp rates vary by industry classification codes and insurance company underwriting standards. Employers' who have an Experience Modification Factor (X-Mod) assigned to their business may have additional credits or debits applied to their insurance rates based on prior premium and workers' compensation losses.
State Resources for Florida
Rating Bureau: NCCI
901 Peninsula Corporate Circle Boca Raton, FL 33487-1362 800-622-4123 NCCI
Florida Department of Financial Services
200 E. Gaines Street Tallahassee, FL 32399800-342-2762
Florida Division of Workers' Compensation
2012 Capitol CircleSE Hartman Building Tallahassee, Florida 32399-0680850-921-6966 FL Division of Workers Compensation
Florida is under the Jurisdiction of the National Council for Compensation Insurance (NCCI) and utilizes the Florida JUA (Joint Underwriting Association) to place Assigned Risk polices within the State Fund.
FWCJUA rates are considerably higher than rates on the private market. Our agency does not place business with the JUA because we are focused on finding lower cost coverage for Florida business owners.
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