COLUMBUS, Ohio – The state’s private employers would pay approximately $60 million less in premiums next fiscal year due to a 6% rate reduction proposed to the Ohio Bureau of Workers’ Compensation Board of Directors on Friday.
If approved by the board at its Feb. 28 meeting, the rate reduction would be effective July 1. It would be the 16th rate decrease in the past 17 years.
“Our low and steady rates are due to Ohio’s workforce and their continued dedication to creating a safe workplace,” said Stephanie McCloud, BWC administrator and CEO.
“The 6% workers’ compensation premium decrease for private employers that was proposed today by the Ohio Bureau of Workers’ Compensation would ultimately save Ohio companies approximately $60 million next fiscal year, which would greatly benefit business owners across the state,” said Steve Stivers, Ohio Chamber president and CEO.
Overall, the average rate levels for the 257,000 private and public Ohio employers are at their lowest in more than 60 years.
The proposed 6% rate cut represents an average statewide premium change, including administrative costs. 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.