The Ohio Bureau of Workers’ Compensation (BWC) Board of Directors recently authorized a 20 percent reduction in the average premium rate it collects from private employers.
New BWC Administrator/CEO Stephanie McCloud cited safer workplaces resulting in fewer and less costly workplace injury claims and continued lower inflation of medical costs being among the factors that make the reduction possible.
According to an official news release from the Ohio BWC:
The 20 percent rate cut represents an average statewide change. The actual total premium paid by individual private employers depends on a number of factors, including the expected future claims costs in their industry, their company’s recent claims history, participation in various BWC rebate programs as well as assessments collected to fund the operations of the system. The Board will consider these assessment rates during its next meeting in March.
The reduction is BWC’s largest in nearly 60 years and it will go into effect on July 1.
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