Ohio's private employers to save $71.5 million in worker's comp premiums

Private employers in Ohio will pay nearly $72 million less in premiums to the Ohio Bureau of Workers' Compensation next fiscal year under a 7.1 percent rate reduction the agency's Board of Directors approved back in February. This rate reduction became effective Thursday, the start of state fiscal year 2022. It will save private employers $71.5 million over this year's premiums, affecting approximately 220,000 employers across the state. "I applaud Ohio's employers who — despite challenging times — continue to adopt a culture of workplace safety, which helps to allow for continued rate reductions." Gov. Mike DeWine said. The board's action marks the fourth consecutive rate reduction for private employers since 2018 and the twelfth since 2008. It also follows a 10 percent reduction for Ohio's public employers — including cities, counties and schools — that went into effect Jan. 1. "We are excited to see this rate reduction become effective for private employers," BWC interim Administrator and CEO John Logue said. "This past year has not been easy, and we are hoping that these reduced rates can help employers with the challenges that the pandemic formed." The 7.1 percent rate cut represents an average statewide change to premiums. The actual premium paid by individual private employers depends on several factors, including the expected future claims costs in their industry, their company's recent claims history, and their participation in various BWC programs.