Businesses get break on workers' comp rates

TALLAHASSEE — Florida businesses are catching a break when it comes to rates for workers' compensation insurance in 2014.

The Florida Office of Insurance Regulation announced it has rejected a proposed 1% increase in rates for 2014, the News Service of Florida reports. The office said it would approve 0.7% rise in 2014, though.

Although still an increase, it's small compared with the rate hikes in previous years. In the past three years, rates for workers' compensation insurance have risen 6.1%, 8.9% and 7.8%.

Those increases came after a 2003 law that overhauled the workers' compensation system. According to the Office of Insurance Regulation, that law has reduced rates by 56% since taking effect, including the minor 2014 increase.

National regulators still need to file their requested increase, which must be approved by the state prior to taking effect in the new year.