COLUMBUS, Ohio – Ohio’s private employers will pay nearly $60 million less in premiums next fiscal year due to a 6% rate reduction approved by the agency’s board of directors Friday.
This reduction will become effective July 1 and follows a 7% rate cut for private employers last year.
“I am pleased to announce a 6% rate reduction for Ohio’s private employers,” Gov. Mike DeWine said in a news release. “Ohio’s low and steady rates are a result of businesses adopting a culture of workplace safety.”
The 6% rate cut represents a statewide average. The actual premium change for an individual employer will differ based on multiple factors, including employer type or classification, payroll levels, recent claims history and their participation in various BWC programs.
The National Federation of Independent Business, Ohio’s leading small business advocacy organization, commended the Ohio BWC for approving the rate reduction for the state’s small business owners.
“Ohio’s small businesses benefit greatly from this rate reduction,” said Chris Ferruso, NFIB Ohio director. “Allowing small businesses to keep more of their earnings allows owners to invest more in their employees. The small business community appreciates the agency’s board of directors for continuing to cut rates for small employers and prioritizing the ongoing workplace safety practices, making Ohio’s workers safer.”