There’s some good news on the horizon for Florida contractors. As of January 1, 2025, the Florida Office of Insurance Regulation (OIR) has approved a 1% decrease in overall workers compensation insurance rates. While that may seem modest on paper, even small rate changes can make a big impact on your premiums, especially if you’re managing multiple employees across high-risk trades like roofing, HVAC, electrical, or masonry.
Let’s break down what this rate reduction really means for you, how it fits into the bigger picture of Florida’s workers comp system, and how BrightFund is here to help you make the most of it.
A Look at the 2025 Workers Comp Rate Reduction
The 1% average rate decrease was recommended by the National Council on Compensation Insurance (NCCI) and applies to both new and renewal workers compensation policies with effective dates starting January 1, 2025.
This rate change is part of a longer trend. Florida has seen workers comp rates steadily decline over the past several years thanks to improved workplace safety and lower claim costs.
But while the statewide average decrease is 1%, individual policyholders may see greater or smaller premium changes depending on:
- Classification code(s): Higher-risk trades like roofing or electrical may still carry higher base rates.
- Claims history: A clean safety record will work in your favor.
- Payroll and number of employees: Since workers comp premiums are calculated based on payroll, changes in your workforce will impact your final cost.
That’s why it’s important not to view the rate change in isolation but rather as one piece of your broader workers compensation strategy.
What Does This Mean for Contractors?
At a glance, a 1% reduction may not seem like much. But for licensed contractors managing large payrolls, even a small decrease in base rates can lead to thousands in annual savings. More importantly, it reflects a strong insurance environment in Florida, where proactive safety measures and smarter risk management are working.
Here’s how you can leverage this change for long-term value:
Review Your Class Codes
Ensure all your employees are properly classified under the right NCCI codes. Misclassifications can lead to overpayment. BrightFund’s underwriting experts can help ensure your classifications are accurate and optimized.
Update Your Payroll Estimates
If you’re growing your team in 2025, review your payroll numbers with your agent or our team. Accurate forecasting helps prevent premium audits and unexpected charges later.
Strengthen Your Safety Program
Lower claims = lower premiums. It’s that simple. BrightFund provides access to tailored, industry-specific safety programs that help reduce workplace injuries and improve outcomes.
Track Your Claims History
Frequent or unresolved claims can spike your premiums. Our team works hands-on with members to manage claims proactively, aiming to reduce costs, time off, and disputes.
Ask About Dividend Potential
As a member-owned fund, BrightFund offers eligible members the opportunity to earn a return on workers compensation investment. If you maintain a safe workplace and low claims, you could qualify for a dividend payout, making your policy even more cost-effective.
Why Choose BrightFund?
Since 1955, BrightFund (formerly FRSA Self-Insurers Fund) has stood by Florida’s contractors, offering more than just a policy. We’re a partner built for tradespeople by tradespeople, committed to improving outcomes through safety, service, and shared success.
Our licensed members and appointed agents benefit from:
- Transparent, competitive rates
- Personalized loss prevention and risk management
- Fast, responsive claims support
- Access to certificates of insurance
- Dividend eligibility for qualified members
We know the roofing, HVAC, plumbing, electrical, and masonry industries because we’ve specialized in them for nearly 70 years.
Stay Ahead of 2025
The 2025 Florida workers comp rate decrease is a step in the right direction, but real savings come from having the right partner by your side. Whether you’re looking to reduce premiums, improve safety, or explore dividend opportunities, BrightFund is here to help you every step of the way.