Private employers to save $71.5 million over this year’s premiums
COLUMBUS – Ohio’s private employers will pay nearly $72 million less in premiums to the Ohio Bureau of Workers' Compensation (BWC) next fiscal year under a 7.1% rate reduction the agency’s Board of Directors approved back in February. This rate reduction became effective July 1, 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.” said Governor Mike DeWine. 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% reduction for Ohio’s public employers (cities, counties, schools, etc.) that went into effect Jan. 1. “We are excited to see this rate reduction become effective for private employers,” said Interim Administrator/CEO John Logue, “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% 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. A history of BWC rate changes since 2000 can be found online by clicking this link.
Ohio Bureau of Workers’ Compensation Vision: To transform BWC into an agile organization driven by customer success. Mission: To deliver consistently excellent experiences for each BWC customer every day. Core Values: One Agency, Personal Connection, Innovative Leadership, Relentless Excellence.
Established in 1912, the Ohio Bureau of Workers’ Compensation is the exclusive provider of workers’ compensation insurance in Ohio and serves 249,000 public and private employers. With nearly 1,700 employees and assets of approximately $25 billion, BWC is one of the largest state-run insurance systems in the United States. For more, visit www.bwc.ohio.gov.