Florida’s workers compensation insurance rates have climbed from 40th to 29th most expensive in the nation over the last two years.
That 11-point increase was reported in a study released this week by the Oregon Department of Consumer & Business Services. It issues a comparison of rates in the 50 states on Jan. 1 of each even-numbered year.
The Florida Office of Insurance Regulation noted in a news release Friday that the Sunshine State’s rate of $1.82 per $100 of payroll is still below the national median of $1.88.
Businesses and other employers buy workers compensation insurance to cover on-the-job injuries.
Florida Insurance Commissioner Kevin McCarty said the study shows that the state needs to be proactive in considering legislation to keep its rates nationally competitive.
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