BWC Board of Directors Consider Another Rate Reduction for Private Employers
COLUMBUS —Ohio’s private employers would pay nearly $106 million less in premiums Compensation next fiscal year due to a 10% rate reduction proposed to the agency’s Board of Directors today.
If approved, this reduction would be the fourth straight reduction since Governor DeWine took office in 2019.
“At the request of Governor DeWine, we are proposing a new rate reduction for private employers,” said Administrator/CEO Stephanie McCloud. “This proposed rate reduction confirms the dedication and hard work Ohio’s private employers have towards workplace safety.”
If approved by the board at its Feb. 25 meeting, the rate reduction would be effective July 1 and private employers would be paying close to $106 million less in this year’s premiums. It also would follow 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.
The proposed 10% rate cut 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.