Columbus, OH – Ohio’s private employers could pay nearly $67 million less in premiums next fiscal year due to a 7% rate reduction recently proposed to the agency’s Board of Directors.
If approved, this reduction would be the fifth straight reduction since Governor DeWine took office in 2019.
“Ohio’s employers continue to show their dedication to workplace safety,” said Governor DeWine. “Their hard work to create safe environments for employees is what allows us to reduce rates year after year.”
If approved by the board at its Feb. 23 meeting, the rate reduction would be effective July 1, and private employers would be paying close to $67 million less in this year’s premiums.
“At the request of Governor DeWine, we are proposing a new rate reduction for private employers,” said Administrator/CEO John Logue. “This proposed rate reduction would increase employer’s savings and continue the trend of Ohio’s historically low rates.”
This reduction would also follow a 3.9% rate reduction for public employers — counties, cities, schools and others — that went into effect Jan. 1. Overall, the average rate levels for the 257,000 private and public Ohio employers in the BWC system are at their lowest in at least 60 years.
The proposed 7% rate cut represents a statewide average. The actual premium change for an individual public entity will differ based on multiple factors, including employer type or classification, payroll levels, recent claims history, and their participation in various BWC programs.
A history of BWC rate changes since 2011 can be found online here (PDF)
Source: Ohio BWC