Columbus, OH – Ohio Governor Mike DeWine and the Ohio Bureau of Workers’ Compensation Administrator John Logue recently announced that Ohio’s private employers will pay nearly $90 million less in workers’ compensation premiums in the next fiscal year due to an 8% rate reduction approved by the BWC Board of Directors. 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.
“Businesses adopting a safety focused culture is what allows us to reduce rates to the lowest they have been in 60 years,” said Governor DeWine. “I applaud Ohio employers for their efforts in keeping their workplace safe.”
A recent study found BWC had the fifth lowest workers’ compensation premium rates among all states and Washington, D.C. through Jan. 1, 2022. This ranking is an improvement from 12th place in the study’s 2020 results. Before that, in 2008, Ohio had the third highest rate in the country.
“Our rate reductions continue to advance Ohio’s strong economic position,” said BWC Administrator/CEO John Logue. “We continue to improve the way we do business with our customers and make it easier for them to succeed.”
The 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