Claims decline, billing change lead to 10.8% Ohio comp premium decreasePosted On: Mar. 3, 2015 12:00 AM CST
Private employers in Ohio will see a 10.8% workers compensation rate decrease as of July 1, the Ohio Bureau of Workers' Compensation said.
The 10.8% rate cut, approved by the Ohio Bureau of Workers' Compensation's board of directors on Friday, is expected to yield a $153 million decrease in projected annual premium, the bureau said in a statement.
The bureau attributed the proposed reduction, which is an overall statewide average, to lower expected workers comp claim frequency and a new system of prospective billing, which will allow it to collect premiums before extending coverage to employers.
“The environment for employers operating in Ohio is improving along with the state's economy, and (the Bureau of Workers' Compensation) is certainly part of that story,” bureau Administrator and CEO Steve Buehrer said in the statement.
The bureau is Ohio's monopoly workers comp insurer, providing coverage to more than 254,000 Ohio employers, according to the bureau's website.