Effective Jan. 1, 2025, Floridians will see a 1% rate decrease in workers’ compensation rates, marking the 8th consecutive year of reductions. Florida Insurance Commissioner Mike Yaworsky ordered the reduction last month.

NFIB Florida Executive Director Bill Herrle spoke with Christine Sexton of Florida Phoenix on the reduction and noted that it may be time to take a closer look at the exemptions to allow more businesses to qualify.

Herrle said, “Clearly, we have a labor market that is going through massive changes and it’s a fair time to ask if workers’ comp really matches what’s going on out there.” Herrle added that whatever costs businesses save by foregoing coverage could be used to increase employees’ wages.

This reduction is welcome news as small business owners consistently report inflation as their single most important problem in operating their business.