Private Employer’s Rates Drop Effective July 1

COLUMBUS — Ohio’s private employers are paying nearly $67 million less in workers’ compensation insurance premiums to the Ohio Bureau of Workers’ Compensation (BWC) thanks to a rate cut that goes into effect July 1, 2024.

This 7% rate reduction was made possible by declining injury claims and relatively low medical inflation costs by Ohio’s employers. Since 2011, the overall reduction in public employers’ rates has been 68%.

“I applaud Ohio’s employers who have adopted a culture of workplace safety, which is what allows us to continue these rate reductions,” said Governor Mike DeWine.

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.

“We are excited to see this rate reduction for private employers become effective,” said Administrator/CEO John Logue. “We continue to do all we can to assist employers in running a safe and successful company.”

The 7% rate cut represents a statewide average. The actual premium change for an individual employer 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 by clicking this link.