The Ohio Bureau of Workers’ Compensation (BWC) board of directors is expected to approve a 12% reduction in private employer premium rates when it meets today. The rates would be effective beginning July 1.
If approved, the reduction would save private employers $163.5 million over this year’s premiums, which the BWC says are at their lowest rates in at least 40 years.
The BWC cites a number of reasons for the reduction of rates including, reduction in claims, slow-to-moderate growth in medical inflation, and more employers using its safety education and resources. From 2010 through 2015, BWC’s Division of Safety & Hygiene saw a 71% increase in the number of employers using its safety programs and services.
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 discount programs. 2/23/2018