Columbus, OH – Ohio Governor Mike DeWine and Ohio Bureau of Workers’ Compensation Administrator Stephanie McCloud recently announced that Ohio’s private employers will pay nearly $106 million less in workers’ compensation premiums in the next fiscal year due to a 10% rate reduction approved by the BWC Board of Directors.
This marks the fourth straight reduction since Governor DeWine took office in 2019.
This 10% rate reduction is possible because of declining injury claims and relatively low medical inflation costs by Ohio’s private employers.
“It’s great to announce yet another rate reduction today,” said Governor DeWine. “Our state’s private employers continue prioritizing workplace safety, and that is what allows us to reduce rates year after year.”
This rate reduction becomes effective July 1 and private employers will be paying close to $106 million less in this year’s premiums over last year. The reduction also follows a 10% rate reduction for public employers — counties, cities, schools and others — that went into effect Jan. 1. Overall, the average rate levels for the 249,000 private and public Ohio employers in the BWC system are at their lowest in at least 40 years.
“We are at a 40-year low for average rate levels for Ohio employers, bolstering Ohio’s already strong business climate,” said BWC Administrator/CEO Stephanie McCloud. “I am thrilled we get to continue to cut rates for both private and public employers.”
The 10% rate cut for private employers represents an average statewide premium change including administrative costs. The actual premium paid by individual private employers depends on several factors, including the expected future claims costs in their industry, their company’s recent claims history, and their participation in various BWC programs.
Source: Ohio BWC