BWC Board OKs 8% Premium Rate Cut

Ohio’s private employers will pay about $90 million less in workers’ compensation premiums next fiscal year (beginning July 1) following the BWC board’s approval of an overall 8% rate reduction.

The 8% rate cut represents a statewide average. The actual premium paid by an individual employer depends on several factors, including expected future claims costs in their industry, the company’s recent claims, and the company’s participation in BWC programs. Manufacturers will see an average rate reduction of -6.4%, according to page 3 of this BWC document.

The BWC has cut rates for the private employers every year since 2011, except 2017 — and rates are down 62.6% over this period. A history of rate changes since 2011 can be found here. 2/27/23