Ohio proposes 13% comp rate reduction

The Ohio Bureau of Workers Compensation’s board of directors proposed on Thursday a 13% workers compensation premium rate reduction for the state’s private employers.

If approved, private employers would pay nearly $132 million less in premiums, and the reduction would mark the third rate cut in three years and the 11th since 2008.

Last year, the board approved a rate reduction of 10% for public employers that went into effect Jan. 1. The board will decide whether to approve the latest proposed reduction Feb. 28; if approved it will take effect July 1.

The proposed rate cut is an average statewide change and does not include costs related to the administrative cost fund or other funds administered by the BWC.