The Ohio Bureau of Workers’ Compensation (BWC) has announced it’s proposing another rate cut to premiums paid by private employers. This one would be worth about $132 million — if OK’d by the BWC board on Feb. 28. It would reduce private employers’ rates by an average of 13% and take effect July 1. It would also mark the third cut in three years for private employers and the 11th since 2008.
This is a good thing for Ohio employers, as the drive toward actuarial principles has resulted in a competitive advantage for Ohio’s state-run monopoly workers’ comp system. 2/3/2020