Class Codes
Florida Workers Comp Specific
Find the latest information and rates about the class codes on your workers compensations insurance policy. These are used to categorize your employees by job duty.
Quotes for Florida Workers Compensation Insurance
Calculate Rate & PremiumFlorida’s workers’ compensation rates may go up on January 1, 2012, if a filing by the National Council on Compensation Insurance (NCCI) receives approval from the Florida Office of Insurance Regulation (OIR). The filing stated the following:
On August 18, 2011, the National Council on Compensation Insurance (NCCI) delivered its annual workers compensation rate filing to the Florida Office of Insurance Regulation (OIR). Based upon its review of the most recent data available, NCCI has proposed, effective January 1, 2012, an overall workers compensation rate level increase of 8.9%.
Rate Filing Components | Impact |
Due to Change in Experience & Trend | +9.3% |
Due to Change in Benefits | 0.0% |
Due to Change in Expenses (excl P&C) | -0.4% |
Due to Change in Profit & Contingency Factor | 0.0% |
OVERALL RATE LEVEL CHANGE | +8.9% |
Here are some of the key observations:
The cumulative impact of the rate decreases after the 2003 reform was -64.7%. Assuming the filing is approved as proposed, the cumulative impact for the period 10/1/03 through 1/1/12 is -58.6%. NCCI estimates that if this filing were approved as proposed, Florida would compare to other states as follows:
Assuming the filing is approved as proposed, the overall average rate impact at an industry group level would be as follows:
1/1/12 Filing | 10/1/03-1/1/12 | |
Manufacturing | +9.6% | -54.0% |
Contracting | +8.7% | -61.5% |
Office and Clerical | +7.0% | -59.9% |
Goods and Services | +9.9% | -57.2% |
Miscellaneous | +8.5% | -56.5% |
TOTAL | +8.9% | -58.6% |
There are a couple areas where Florida workers compensation cost drivers, if addressed legislatively, could bring system cost savings and assist Florida with maintaining or improving its current ranking:
The OIR is expected to schedule a public rate hearing in October.
2022 Florida Workers Comp Rates
View the New Rates
Workers compensation rates change each year. Find out whether the rates for your class codes are increasing or decreasing from last year.
The manual rates are issued by the Florida Office of Insurance Regulation after being analyzed by the National Council on Compensation Insurance (NCCI).