Private employer workers comp rate to fall 12% in Ohio
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Workers compensation premium rates for Ohio private employers will fall an additional 12% beginning July 1, the Ohio Bureau of Workers’ Compensation Board of Directors announced Friday.
The cut that will save private employers in Ohio’s system $163.5 million over this year’s premiums — a 40-year low, the board said in a statement.
Slow growth in medical inflation, fewer claims, a changing workforce and safer workplaces are among the factors credited with the reduced rates, bureau Administrator and CEO Sarah Morrison said in the statement.
“The 86,000 claims allowed last year were the lowest number of claims in at least 20 years,” Ms. Morrison said in the statement. “BWC has also increased efforts to promote safe workplaces, and employers are recognizing that investing in safety is good business.”
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Ohio proposes 12% comp premium rate reduction
The Ohio Bureau of Workers Compensation asked its board of directors Thursday to reduce private employer premium rates by 12% beginning July 1, the bureau announced.
