Florida workers' comp rates are set to fall again in 2027

The National Council on Compensation Insurance has recommended a 7.4% average rate decrease for workers' compensation in Florida's voluntary market, effective January 1, 2027. Insurance Journal reported the filing, which still needs sign-off from state regulators. A 6.9% cut already took effect this January. If this one clears, it makes ten straight years of decreases. NCCI points to a long-running decline in workplace injuries, claims, and loss costs, in Florida and in most other states.

For a Florida small business, workers' comp is priced off your payroll and your class code, so a percentage cut lands directly on the bill. Two things are worth checking before you assume you get the full 7.4%. Rate filings are averages across hundreds of class codes, and yours may move more or less than the headline number. Your experience modification factor, which reflects your own claims history, sits on top of the rate and can wipe out a state-level decrease if you had a bad claim year. A roofing contractor and an accounting office will see very different results from the same filing.

An independent agent can check your class codes, review your experience mod for errors, and re-shop the policy at renewal so the rate cut actually reaches you.