A national insurance rating association has recommended that workers’ compensation rates paid by Florida businesses be reduced 8.4% in 2023, drawing applause from business groups whose members struggle with inflation and rising wages.

The National Council on Compensation Insurance (NCCI) filed the recommendation with the Florida Office of Insurance Regulation on Aug. 24. The suggested rate decrease on Florida businesses was twice as large as the decrease approved for this year.

“In these inflationary times, any reduced costs are very welcome to small business owners,” Bill Herrle, the National Association of Independent Business’ Florida executive director, said in a prepared statement. “Inflation combined with a tight labor market makes this proposed workers’ comp rate reduction especially welcome.”