Workers’ CompensationBack in December 2017, the Federal Tax Cuts and Jobs Act became law, and as a result this affected workmen’s compensation insurance and decreased the corporate tax rate. The Florida Office of Insurance Regulation has approved a decrease of -1.8% in the rates Florida businesses pay for workers’ compensation insurance.  This is the second decrease in just six months. This decrease applies to both new and renewal workers’ compensation insurance policies effective in Florida as of June 1, 2018.

See these facts regarding how the changes will take place:

  • Your company’s premium is determined by multiplying your total payroll by the rate for class codes assigned to your business based on the work you do.
  • Beginning June 1st 2018, the new -1.8 rate decrease will apply to new workers’ compensation policies
  • Current workers’ compensation policy holders well keep their current rate until their policy renews on or after June 1st.

If you have any questions about these rate decreases, or how it will affect your worker’s compensation policy, please contact your local insurance agent or your workers’ compensation insurance company. For a complete statement from the OIR (Florida Office of Insurance Regulation) click here.

Give Howard Employee Services a call today at 941-922-0202 or send us an email for more information on how we can help provide your company with payroll services today!