Florida regulators have approved a 9.5 percent drop in workers' compensation insurance rates for business owners, the Associated Press reports.

The Office of Insurance Regulation said the new rates will take affect Jan. 1.

Last year, the office raised worker compensation insurance rates for businesses by 14.5 percent after the state Supreme Court struck down a law that limited attorney fees in worker compensation cases. That ruling had regulators concerned that costs would increase significantly.

But claims data through this year showed that costs did not rise nearly as much as expected. That led regulators to cut the rate by 9.5 percent for next year.