WEST PALM BEACH, Fla. — Workers compensation insurance rates will fall 18.6 percent on July 1, the largest one-year rate cut on record, Florida Insurance Commissioner Kevin McCarty said recently.
McCarty ordered the rate cut after Gov. Charlie Crist signed a measure that caps attorney fees in workers compensation cases.
The rate cut will save Florida employers about $172 million in insurance premiums, McCarty said.
"I am pleased that Gov. Crist and the Florida Legislature recognized the importance of keeping our workers' compensation rates down," McCarty said in a statement. "I believe that injured workers still will have appropriate access to the legal system while also still keeping workers' compensation rates affordable for employers."
McCarty issued an order that rescinded an April hike in workers compensation rates and restored a January rate cut of 18.6 percent.
"As Florida's employers continue to weather economic doldrums, they welcome any good news — and this certainly is nice shot of it," said Bob Lotane, spokesman for the National Association of Insurance and Financial Advisors-Florida.
Jeff Ostrowski writes for The Palm Beach Post. E-mail: jeff(underscore)ostrowski(at)pbpost.com.