BWC Board Approves Rate Reduction
Private employers covered by the Ohio Bureau of Workers' Compensation (BWC) will pay $71.5 million less in premiums next policy year thanks to a rate reduction BWC’s Board of Directors approved today.
The Board approved a net 7.1% decrease to private employer rates and assessments during its regular monthly meeting this morning, affecting approximately 220,000 employers across the state. The reduction goes into effect July 1, the start of the 2021 policy year.
“Thanks to fewer injury claims, fairly low medical inflation costs, and our strong fiscal management, we’re in a good position to reduce these rates,” said BWC Interim Administrator/CEO John Logue. “We’re especially pleased to pass these lower costs along to our business community amid the ongoing challenges created by the COVID-19 pandemic.”