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2.1% cut in workers comp rate proposed for Ohio employers

2.1% cut in workers comp rate proposed for Ohio employers

The Ohio Bureau of Workers' Compensation is considering a 2.1% reduction in workers compensation rates—a move that the bureau says would save private employers $29 million in the next year.

The bureau is the sole underwriter of workers comp insurance in the state, and provides coverage to all public and private employers. The agency's board of directors will vote next month on the proposed rate cut, according to a statement Thursday.

If approved, the lower rate would be effective July 1, the bureau said.

"Conservative management and strong investments, coupled with favorable claim frequency, claim severity and payroll trends are allowing us to achieve our goal of setting the lowest possible rates while still maintaining the solvency of the fund," said bureau Administrator and CEO Steve Buehrer in the statement.