Ohio private employers will soon pay less in worker's comp premiums
COLUMBUS, Ohio— Workers’ compensation premium rates paid by private employers in Ohio will drop an average of 7.1% starting in July, under a proposal approved Friday by the Ohio Bureau of Workers’ Compensation’s board of directors.
The rate reduction, which will save about 220,000 Ohio employers a total of $71.5 million, is the twelfth such decrease the BWC’s board has made since 2008, according to a release from the bureau.
BWC Interim Administrator and CEO John Logue said in a statement that the rate cut was made possible by a continuing trend of fewer injury claims, fairly low medical inflation costs, and strong fiscal management.
“We’re especially pleased to pass these lower costs along to our business community amid the ongoing challenges created by the COVID-19 pandemic,” Logue said.
Read more: https://www.cleveland.com/open/2021/02/ohio-private-employers-will-soon-pay-less-in-workers-comp-premiums.html