Ohio Private Employers To Experience 20 Percent Premium Rate Decrease
This decrease in average premium rates will begin July 1, 2019
The Ohio Bureau of Workers' Compensation (BWC) recently announced that Ohio private employers will receive a 20 percent reduction in the average premium rates beginning July 1.
BWC Administrator/CEO Stephanie McCloud said several factors make the reduction possible, including safer workplaces, fewer and less costly workplace injury claims and low medical cost inflation. Claims have fallen 18 percent since 2010 to 85,136 in 2018.
“We’re pleased to continue the trend of falling rates with a reduction that will save Ohio private employers more than $200 million next year,” said McCloud.
Governor Mike DeWine praised the move to reduce the rates.
“Thanks to this substantial rate decrease, Ohio’s private employers will see significant cost-savings that they can reinvest in their products and employees,” said DeWine. “This is a positive step toward helping to ensure that Ohio’s economy continues to thrive.”
The 20 percent rate cut represents an average statewide change. The actual total 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, participation in various BWC rebate programs and assessments collected to fund the operations of the system.