The Ohio Bureau of Workers' Compensation (BWC) proposed a 20 percent reduction in average premium rates for private employers. This would be the largest cut in nearly 60 years if approved by the BWC’s board of directors next week.
BWC Administrator/CEO Stephanie McCloud told board members fewer workplace injuries and falling estimates of future medical costs are driving her recommendation to lower rates for the ninth time since 2008.
“We’re pleased Ohio employers recognize that workplace safety is vital to the health of their workforce, their businesses and our state’s economy,” said McCloud. “Their efforts to promote safe and healthy workplaces are clearly paying off, and they’re making it easier for us to maintain low and stable workers’ compensation rates now and into the future.”
The rate reduction would be effective July 1 and save private employers $244 million over premiums for fiscal year 2019.
The proposed 20 percent rate cut represents an average statewide change. The actual premium paid by individual private employers depends on a number of factors, including the expected future claims costs in their industry, their company’s recent claims history and their participation in various BWC rebate programs.