2015 Premium Overview
In 2015 Florida employers paid workers' compensation premiums that averaged between $0.70 and $2.75 per $100 of payroll, depending on job classification and the employer's experience rating. The state's rating bureaus set base rates, then adjusted them for each employer's loss history, creating a wide spread of actual costs.
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Classification Impact
Each occupation falls under a specific class code, and the 2015 rates reflected the risk associated with those codes. For example, construction laborers (class 5270) were charged around $2.45 per $100 of payroll, while clerical office workers (class 8810) saw rates near $0.80. High‑hazard industries such as roofing or oil‑field services often exceeded $3.00 per $100, whereas low‑risk sectors stayed below $1.00.
Experience Rating Mechanism
Florida's experience rating system, administered by the Florida Workers' Compensation Rating Bureau (FWCRB), adjusted premiums up or down based on an employer's prior claim history. Employers with frequent or severe claims received a multiplier above 1.0, raising their effective rate, while those with few or minor claims earned multipliers below 1.0, reducing costs. This mechanism created the observed variation within the overall 2015 range.
Comparative Table of Typical 2015 Rates
| Industry | Class Code | 2015 Rate ($/100 $ payroll) |
|---|---|---|
| Construction Labor | 5270 | 2.45 |
| Roofing | 5325 | 3.10 |
| Office/Clerical | 8810 | 0.80 |
| Manufacturing | 5400 | 1.65 |
Statewide Factors Influencing 2015 Rates
Several statewide elements shaped the 2015 premiums:
- Medical cost inflation continued to rise, pushing claim expenses higher.
- Legislative adjustments to the minimum wage and overtime rules affected payroll bases used in calculations.
- Changes in the FWCRB's loss‑cost methodology altered how past claims translated into future multipliers.
What Employers Should Know
Florida businesses reviewing 2015 data should compare their own class codes and experience multipliers to the averages above. Identifying high‑cost classifications and improving safety programs can lower the multiplier, directly reducing future premiums. Additionally, staying current on FWCRB rule changes helps anticipate adjustments before they appear in the next rating cycle.