Columbus, OH – Ohio’s private employers would pay nearly $90 million less in premiums next fiscal year due to an 8% rate reduction proposed to the agency’s Board of Directors.
If approved in February, the reduction would take effect July 1, 2023.
“We are eager to once again lower rates for Ohio employers,” Administrator Logue said. “We recently improved to the 5th lowest rates in the nation thanks to the increased focus businesses have on workplace safety.”
If approved by the board at its Feb. 24 meeting, the rate reduction would be effective July 1, saving private employers $90 million over this year’s premiums. Overall, the average rate levels for the 257,000 private and public Ohio employers in the BWC system are at their lowest in over 60 years.
The proposed 8% rate cut represents the average statewide change to loss costs and the administrative cost fund but does not include any costs related to other funds BWC administers.
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 SID