A recent proposal by the Ohio Bureau of Workers’ Compensation’s (BWC) board of directors to enact a 13% rate reduction may enable members of the Youngstown business community to increase their profits.
Premiums paid by Ohio’s private employers could be reduced by almost $132m if approved, which would be the third such rate cut in the last three years and the 11th since 2008. Should this proposed premium reduction be implemented, it will be the third largest in 60 years. The largest yearly reduction was the 20% enacted last year.
Low BWC premiums serve as an incentive for business relocation to Ohio and subsequent ordering of new Business Cards.
The monies paid to BWC provide injured workers with lost wages and any necessary healthcare, as well as supporting the agency’s Safety & Hygiene Division that offers ways for employees to improve safety in the workplace. Since 2010, employer participation in BWC services has grown by over 70 percent, with a resulting annual claims reduction of 19% in 2019.
Private employers can anticipate an overall savings of $131.6 million in premiums. The proposed rate cut of 13% is a statewide average; several factors determine the rate an individual business pays, such as the industry it is a part of, its BWC program participation, and its recent claims history.
In the event that the Ohio BWC approves the rate reduction at its February 28 meeting, it will become effective July 1.
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