The Ohio Bureau of Workers’ Compensation (BWC) board of directors this week approved an 8.6% reduction in overall average rates for the state’s private employers. The move will decrease projected annual premiums by $113 million next year.
Over the past five years, Ohio’s private and public sector employers have benefited from $4.3 billion in rate cuts, rebates and credits. An accounting of the $4.3 billion can be found here.
The latest cuts for private employers will begin July 1. The reduction is an overall statewide average. The actual premium paid by individual private employers depends on a number of factors, including the expected future costs in their industry, their recent claims history, and their participation in various programs.