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For immediate release: February 25, 2016
BWC proposes another private employer rate reduction
8.6 percent reduction means employers paying $463 million less than 2011
COLUMBUS - A proposal presented today to the Ohio Bureau of Workers' Compensation (BWC) Board of Directors would reduce overall average rates for the state's private employers by 8.6 percent and decrease projected annual premiums by $113 million next year. In presenting the recommendation during the Board's Actuarial Committee, BWC Administrator/CEO Steve Buehrer said if adopted, Ohio private employers will be paying a $463 million less annually than they were at the beginning of 2011, representing a combined 28.2 percent decrease.
"A number of factors are driving our ability to reduce rates, including better than projected claims costs, a continued decline in claims frequency and increasing payroll being reported by Ohio companies," said Buehrer. "Every dollar we don't have to collect is another dollar that Ohio's companies can use to invest in growing their business."
The proposed reduction is an overall statewide average. The actual premium paid by individual private employers depends on a number of factors, including the expected future costs in their industry, their recent claims history, and their participation in various programs. Employers are encouraged to visit bwc.ohio.gov to learn about programs that can assist in lowering their workers' compensation costs by making safety improvements in their workplaces.
BWC's annual Ohio Safety Congress and Expo, the largest regional safety and health conference in the U.S., provides opportunities for Ohio employers to learn about preventing workplace injuries. Safety Congress this year runs from March 9 - 11 at the Greater Columbus Convention Center and offers more than 200 educational sessions, 225 exhibitors and free continuing education credits.
The Board of Directors will vote on the proposal during its next meeting, which is scheduled for Thursday, March 17, 2016.
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