Florida Workers’ Comp Rates Now 29th Most Expensive

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.