BWC Board Approves 8% Rate Reduction for Private Employers
COLUMBUS, Ohio – Private employers in the state will pay nearly $90 million less in workers’ compensation premiums in the next fiscal year.
Gov. Mike DeWine and the Ohio Bureau of Workers’ Compensation Administrator John Logue announced Friday that the BWC Board of Directors approved an 8% rate reduction in compensation premiums.
“Businesses adopting a safety focused culture is what allows us to reduce rates to the lowest they have been in 60 years,” DeWine said. “I applaud Ohio employers for their efforts in keeping their workplace safe.”
The 8% rate cut represents the average statewide change to loss costs and the administrative cost fund but does not include any costs related to other funds BWC administers. The actual premium paid by individual private employers depends on several factors, including the expected future claims costs in their industry, their company’s recent claims history and their participation in various BWC programs.
“Our rate reductions continue to advance Ohio’s strong economic position,” Logue said. “We continue to improve the way we do business with our customers and make it easier for them to succeed.”
The history of BWC rate changes since 2011 can be viewed HERE.
Published by The Business Journal, Youngstown, Ohio.