Ohio proposes 6.3% workers comp rate reduction for private-sector employers
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The Ohio Bureau of Workers' Compensation has proposed a 6.3% reduction to base workers compensation insurance rates for private-sector employers beginning July 1.
The proposed rate reduction would result in a $91 million decrease in collected workers comp premiums compared with premiums collected under the current rates, the bureau said in a statement Tuesday.
If approved, this will be the eighth consecutive year that rates for Ohio private-sector businesses were cut or remained stable, the bureau said.
“BWC has challenged itself to be part of the solution to Ohio's economic recovery by keeping employers' workers compensation rates affordable so they can prosper,” Steve Buehrer, the bureau's administrator and CEO, said in a statement.
The bureau's 11-member board of directors is expected to address the proposed reduction on May 22.
