Public Employers’ Premium Rates Drop 10%
Written on January 25, 2020
COLUMBUS — Ohio’s public employers will pay nearly $18 million less in premiums this year to the Ohio Bureau of Workers’ Compensation (BWC) thanks to a rate cut that went into effect Jan. 1.
“These lower premium rates will allow many public employers to reinvest in their businesses and workers throughout the year,” said Ohio Governor Mike DeWine.
The rate reduction means approximately 3,700 counties, cities, public schools, and other public taxing districts will pay an average of 10% less on their annual premiums than last year. It was made possible by declining injury claims and relatively low medical inflation costs.
“We are pleased to pass these savings along to the public employer community,” said BWC Administrator/CEO Stephanie McCloud. “It is our hope they invest these dollars in workplace safety and improving their communities.”
Approved by BWC’s Board of Directors Aug. 23, the reduction marks BWC’s 11th rate cut for public employers since 2009. It follows a 12% rate reduction for public employers that went into effect Jan. 1 last year, and a 20% rate reduction for private employers that went into effect July 1.
The reduction represents a statewide average. The actual premium change for an individual public entity will differ based on several factors, including employer type or classification, recent claims history, and their participation in various BWC programs.