Workers’ Compensation Rate Decrease Approved

by Ryan Schmidt, Chief Revenue Officer

Florida Insurance Commissioner David Altmaier recently issued an Order​ to the National Council on Compensation Insurance (NCCI) requesting an amended rate filing to further reduce workers’ compensation rates for 2021.

NCCI submitted an amended filing on November 4, 2020, reflecting an overall average voluntary rate level decrease of 6.6%. The OIR approved the amended filing on November 12, 2020.

This approval reflects an overall average voluntary rate level decrease of 6.6% for the industrial classifications and an overall average rate level decrease of 7.0% for the federal classifications.

These approved values are effective January 1, 2021, for new and renewal policies.

For more information about the filing, read the official release from the Florida Office of Insurance Regulation.

If you have any questions or concerns regarding this information, please contact us. We are here to assist you and happy to answer any questions you have.

Ryan Schmidt is a Client Advisor and Partner with Gulfshore Insurance. Ryan specializes in working with commercial clients. Comments and questions are welcome at rschmidt@gulfshoreinsurance.com.

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.