Ohio considers 6% rate cut for private employers

The Ohio Bureau of Workers’ Compensation proposes a 6% rate reduction that it says would save private employers $60 million in premiums in the next fiscal year.

This reduction would be the sixth straight since 2019 and the 16th decrease in the last 17 years if approved. The bureau said average rate levels for employers in the state are the lowest in at least 60 years.

The “low and steady rates are due to Ohio’s workforce and their continued dedication to creating a safe workplace,” BWC Administrator/CEO Stephanie McCloud said in a statement.

Directors will review the rate proposal at a Feb. 28 meeting. If approved, the reduced rates would take effect for policies incepting on or after July 1.

WorkCompCentral is a sister publication of Business Insurance. More stories here.