Florida Approves Average Work Comp Decrease of 8.4%

by Gulfshore Insurance

The Florida Insurance Commissioner has approved a statewide overall workers’ compensation insurance rate decrease for 2023. The rate decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of January 1, 2023. This approval reflects an overall average rate decrease of 8.4%. While the state rates play a major part in the determination of premium, changes in a specific company’s payroll and experience modification rate will also impact renewal premiums.

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.