by Drew Roberts, CPCU, ARM
I would like to wish you a Happy New Year! As we prepare for 2010, I wanted to share some good news about the new Florida workers’ compensation rates. An average rate reduction of 6.8% from the 2009 workers comp rates will be effective on January 1st. This is the seventh annual drop in rates since 2003, when reforms were passed. Since that time, the average rate decrease is 63%.
This news is even better for businesses in the landscaping industry:
Lawn Maintenance Employees (Class Code 9102) - The new rate is 3.49 dollars for every 100 dollars of remuneration. This is a 16.9% reduction from the 2009 rate of 4.20 dollars. This classification has a 71% decrease since the 2003 rate.
Landscape Installation Employees (Class Code 0042) – The new rate is 6.36 dollars. This amounts to a 10.5% reduction, which is also larger than the state average.
Irrigation Employees (Class Code 5183) – New rate is 4.75 dollars for a 7.5% reduction.
Tree Trimming Employees (Class Code 0106) – The new rate is 13.31 dollars, which is actually 2.7% higher than the 2009 rate of 12.95 dollars. Even with this change, this classification has still received a 67% reduction since the 2003 rate.
These new rates will be applied to your policy at renewal. If you have any questions about workers’ compensation insurance, or if you would like to receive comparative quotes, then please do not hesitate to contact us. At BearWise Landscapers, we focus on the unique insurance needs of the landscaping industry and look forward to continually providing practical information and other valuable insurance services to your business.