Ohio Private Employer Rates See Significant Reduction

COLUMBUS, Ohio – The state’s private employers will pay nearly $67 million less in premiums next fiscal year due to a 7% rate reduction approved by the Bureau of Workers’ Compensation Board of Directors on Friday. 

“This reduction is evidence of Ohio’s commitment to workplace safety,” said John Logue, BWC administrator/CEO. “Lower premium rates directly relate to cost savings for employers, which allows them to reinvest their money towards the growth of their business and investment in their employees.”

The reduction, which will be effective July 1, follows a 3.9% rate cut for public employers – counties, cities, schools and others – that went into effect Jan. 1.

“We are pleased to announce this substantial rate reduction for Ohio’s employers,” Gov. Mike DeWine said. “This reduction is a result of employers’ dedication to workplace safety and Ohio’s strong economic position.”

The 7% 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.

Overall, the average rate levels for the 257,000 private and public Ohio employers in the BWC system are at their lowest in over 60 years.

Published by The Business Journal, Youngstown, Ohio.