2023 Fee Schedule Overview
The Florida Department of Financial Services released the 2023 workers' compensation fee schedule on July 1, 2023. The schedule lists hourly rates for each class code, reflecting the state's updated risk assessment and administrative costs. Employers see direct impact on premium calculations, with rates ranging from $0.08 per hour for low‑risk occupations to $1.50 per hour for high‑risk jobs such as construction or heavy machinery operation.
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Key Changes from 2022
Compared to 2022, the 2023 schedule includes a 4.2% overall increase in rates, driven by rising medical costs and a 1.5% adjustment for administrative overhead. Additionally, the schedule now incorporates a new "Safety Improvement Credit" for employers that maintain OSHA‑approved safety programs, reducing rates by up to 10% for eligible classes.
Calculating Your Premium
Premiums are calculated using the formula:
- Hourly rate × total hours worked per class × payroll factor
Employers must report accurate payroll data and classify each employee correctly. Misclassification can lead to penalties or higher rates. The payroll factor, set at 1.00 for most employers, can be adjusted to 0.95 for those with a verifiable safety record.
Compliance Tips
- Verify employee class codes against the official list.
- Submit monthly payroll reports on time to avoid late fees.
- Maintain detailed safety training logs to qualify for the Safety Improvement Credit.
Impact on Small Businesses
Small employers with fewer than 10 employees may qualify for a simplified reporting process, reducing administrative burden. The fee schedule also offers a "Low‑Risk Discount" of 5% for businesses that maintain an injury rate below 2% over the past three years.
Future Updates
The Department plans to review the fee schedule annually, with the next review scheduled for September 2024. Employers should monitor the Department's website for any interim adjustments or new incentive programs.