Ohio Worker’s Comp Premium Costs Continue to Drop
COLUMBUS, Ohio – The premium rate for worker’s compensation in Ohio continues to fall, according to a study by the Oregon Department of Consumer and Business Services, ranking as the 11th-cheapest in the nation with an index rate of $1.45 per $100 of payroll.
The biennial study compares each state’s base rates across 50 “widely used compensation codes that are assigned by occupation to indicate their degree of risk,” and ranks states from most to least expensive. Ohio ranked as the third-most expensive in the nation in the 2008 study and 33rd in 2014.
“A steady decline in rates is one more indicator that BWC is doing its part to promote economic growth in Ohio,” said Ohio Bureau of Workers’ Compensation CEO Sarah Morrison in a release. “Beyond the numbers, we’re becoming a world-class carrier by improving the customer experience and expanding our nationally recognized workplace health and safety programs and services.”
Since the study was completed, she added, the bureau has further reduced rates for private employers to $1.22, 28% lower than at the beginning of 2011. The national median is $1.84.
Topping the rankings as the most expensive state for worker’s compensation was California with an index rate of $3.24, while North Dakota had the cheapest rate at $0.89.
The full study is available here.
Copyright 2023 The Business Journal, Youngstown, Ohio.