Ohio public employers’ comp premiums cut 10%
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The Ohio Bureau of Workers’ Compensation announced Monday public employers’ premium rates will be reduced 10% collectively, effective Jan. 1, 2022.
This rate cut will translate to nearly $17 million in reduced costs for public employers collectively next year. The 10% premium reduction represents a statewide average. The actual premium change for an individual public entity will differ based on multiple factors, the Ohio BWC notes, including employer type or classification, payroll levels, recent claims history, and their participation in various BWC programs.
BWC credits the 10% rate reduction to declining injury claims and relatively low medical inflation costs by Ohio’s counties, cities, public schools and other public taxing districts.
“I’m proud of our state’s public employers,” Stephanie McCloud, administrator, CEO of BWC, said in a statement. “The efforts they make to keep their workplace safe is what allows us to continually drop rates.”
This is the 13th rate cut for Ohio public employers since 2009, according to BWC.
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Ohio cuts work comp rates for private employers
Ohio’s exclusive workers compensation insurer on Friday approved a 7.1% average rate reduction for the state’s private employers effective July 1, which marks a slowdown in rate cuts compared with recent years.
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