BWC Proposes Reducing Premium Rates 12%
COLUMBUS, Ohio – The Ohio Bureau of Workers’ Compensation is requesting its board of directors to approve a 12% reduction in private employer premium rates. If approved, the reduction would go into effect July 1.
“Ohio is in an outstanding position as the cost of workers’ comp coverage continues to fall, thanks to fewer workplace injury claims and slow-to-moderate growth in medical inflation,” says bureau CEO Sarah Morrison. “We know the less employers spend on premiums, the more they can invest in their communities and in safer work environments for their employees. And when that happens, we all benefit.”
If approved, the reduction would save employers $163.5 million, BWC estimates. The board is scheduled to vote on the matter Feb. 23.
BWC’s private employer rates have remained unchanged since 2007.
In 2017, the BWC saw 86,290 allowed claims, an 18% drop from 2011 and the lowest number dating back to at least 1997, Morrison said. That year, there were more than 277,000 claims.
The drop, she continued, can be attributed to several factors, including the BWC’s efforts to promote workplace safety, increasing funding for safety measures and employers better utilizing available resources.
Copyright 2022 The Business Journal, Youngstown, Ohio.