Average rate levels for Ohio’s 257,000 employers are at lowest in over 60 years
Ohio Governor Mike DeWine and the Ohio Bureau of Workers’ Compensation Administrator John Logue have announced that private employers in Ohio will pay nearly $90 million less in workers’ compensation premiums in the next fiscal year due to an 8% rate reduction, last week. The rate was approved by the Bureau of Workers’ Compensation Board of Directors.
Overall, the average rate levels for Ohio’s 257,000 private and public employers are at their lowest in over 60 years, according to the agency.
Governor Mike DeWine commented: “Businesses adopting a safety-focused culture is what allows us to reduce rates to the lowest they have been in 60 years. I applaud Ohio employers for their efforts in keeping their workplace safe.”
The BWC noted 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 it administers. In addition, 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, according to the bureau.