Work it Out Blog

UPDATE: BWC Rate Reductions Will Save Employers Millions

Mar 17, 2015

In an article last month we announced that the Ohio Bureau of Workers' Compensation would be voting on a proposal which could reduce workers' compensation premiums. Below is an update with good news for employers.

The Board of Directors for the Ohio Bureau of Workers’ Compensation recently approved a reduction in workers’ compensation premiums.  The rate reduction was adopted on the heels of the BWC’s recent decision to transition to prospective billing.  Scheduled to take effect July 1, 2015, the projected statewide average rate reduction will amount to 10.8%, saving Ohio employers up to $153.8 million annually.  With the reduction, employer rates will be 21.4% lower than they were as of January 1, 2011. 

Each employer’s actual rate reduction will be determined individually based upon factors such as recent claims history, industry-specific projections, and employer participation in savings programs.  The overall impact of the Board’s decision will be a significant reduction in workers’ compensation rates, allowing employers to allocate their financial resources elsewhere.  For more information on this and other BWC changes that may affect your business, please contact your Day Ketterer attorney at info@dayketterer.com, or 330-455-0173.

The content of this blog is for informational purposes only and is not intended as legal advice for any purpose. This blog is not intended to present an exhaustive summary of all applicable laws, or to take the place of legal advice.  If you have any questions regarding the law, please contact us for assistance.