Ohio Announces 13% Comp Rate Reduction
Workers compensation premiums for private employers in Ohio may drop by nearly $132 million as a result of an approved 13% rate reduction, the Ohio Bureau of Workers Compensation announced in a statement. The rate reduction, approved by the BWC’s board of directors and effective July 1, is expected to safe private employers $131.6 million in premiums. In 2019, the BWC announced a 10% rate reduction for public employers that took effect Jan. 1.
This reduction marks the BWC’s third largest rate cut in 60 years and follows the bureau’s largest rate reduction of 20 percent approved last year.