Columbus, OH – The Ohio Bureau of Workers’ Compensation (BWC) presented a plan to hold next year’s statewide average base premium rate for private employers paying into Ohio’s workers’ compensation system at the current level. If approved by the BWC Board of Directors at their next meeting in May, the plan would extend the $65 million in rate cuts enacted last year for Ohio’s private sector employers.
The Board’s Actuarial Committee heard the proposal on private employer rates for the 2013 policy year, which runs July 1, 2012 – June 30, 2013 during it’s meeting on Thursday. BWC is proposing to maintain the statewide average rate- at the current level, therefore maintaining last year’s 4% average rate reduction over the 2011 rates for private employers. Each employer’s actual premiums incorporate overall claims cost trends within their specific industry and job classifications, as well as their own individual performance.
“This proposal is consistent with BWC’s goal of maintaining reasonable and stable rates, allowing businesses to better predict workers’ comp costs so they can focus on injury prevention and return-to-work,” said BWC Administrator/CEO Steve Buehrer. “Stable rates, combined with more options to better control costs and improve return-to-work rates will increase the chances of positive outcomes for injured workers and save money for employers.
Employers can realize additional savings and improve outcomes for injured workers by participating in the Transitional Work Bonus and Industry Specific Safety Programs, both options created as part of the Destination: Excellence rating plan. The Industry Specific Safety Program helps employers improve workplace safety by focusing on the risks associated with specific industry types and developing strategies to prevent injuries. The Transitional Work Bonus Program can reduce premiums for employers that create and utilize a plan to return injured workers back to the workplace in a safe, timely manner. The deadline to apply for both programs has been extended to May 25. Additional information and applications are available at ohiobwc.com.
The BWC Board of Directors is expected to vote on the private employer rate proposal during their next meeting in May.
The next meeting of the BWC Board of Directors is scheduled for Thursday, May 24, 2012.
Source: Ohio BWC