At its meeting last week, the Ohio Bureau of Workers’ Compensation (BWC) board of directors approved a 20 percent reduction in the average premium rate it collects from private employers. The reduction is BWC’s largest in nearly 60 years.
Overall, the average rate levels for the 242,000 Ohio employers in the BWC system are at their lowest in at least 40 years.
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 as well as assessments collected to fund the operations of the system. The board will consider these assessment rates during its next meeting in March.
The reduction will be effective beginning July 1. 2/25/2019