The Florida Office of Insurance Regulation approves an overall workers compensation rate decrease of 1.8% that will become effective on June 1st, 2018 for all new and renewal policies. The workers compensation rate decrease is a direct result of the revisions recently passed to the Tax Cuts and Jobs Act. The revisions include corporate tax rate decreases, changes to reserve discount factors, and several other factors. This rate reduction will apply to all classes of workers comp business.
Florida Department of Agriculture and Consumer Services Adam H. Putnam stated that, “Reducing the cost of business spurs job growth, and this rate reduction is exactly what Florida needs to continue to create the business climate that will help our economy thrive.”
If you’d like to see how this rate change affects your policy, call our office at 863-683-2228 and speak to your licensed representative. Interested in a commercial insurance policy? Contact us today to get a quote.