BWC Proposes 8.6% Premium Reduction in 2017
COLUMBUS, Ohio – The Ohio Bureau of Workers’ Compensation has a proposal before it that would reduce overall average rates for private employers by 8.6% and decrease projected annual premiums by $113 million in 2017.
The proposal, presented Thursday to the BWC board of directors, will be voted on at the board’s next meeting March 17.
In presenting the recommendation during the board’s actuarial committee meeting, Steve Buehrer, BWC administrator/CEO, said if adopted, Ohio private employers will be paying a combined $463 million less annually than they were at the beginning of 2011, representing a 28.2% decrease.
“A number of factors are driving our ability to reduce rates, including better than projected claims costs, a continued decline in claims frequency and increasing payroll being reported by Ohio companies,” said Buehrer. “Every dollar we don’t have to collect is another dollar that Ohio’s companies can use to invest in growing their business.”
The proposed reduction is an overall statewide average. The actual premium paid by individual private employers depends on a number of factors, including the expected future costs in their industry, their recent claims history, and their participation in various programs.
BWC encourages employers to visit bwc.ohio.gov to learn about programs that can assist in lowering their workers’ compensation costs by making safety improvements in their workplaces.
Meanwhile, on March 9-11,BWC’s annual Ohio Safety Congress and Expo, the largest regional safety and health conference in the U.S., provides opportunities for Ohio employers to learn about preventing workplace injuries. The event takes place at the Greater Columbus Convention Center and includes more than 200 educational sessions, 225 exhibitors and free continuing education credits.
Copyright 2023 The Business Journal, Youngstown, Ohio.