Columbus, OH (WorkersCompensation.com) - The Ohio Bureau of Workers' Compensation (BWC) Board of Directors today voted to keep the overall average rate level for Ohio private employers steady for the policy year that begins July 1. Average rate levels for private employers have been reduced by 28.2 percent since the end of 2010 and are now at their lowest level in 40 years.
"BWC strives to be a partner with Ohio employers by maintaining the lowest possible premiums and by delivering rate stability, enabling them to plan plan for the future," said BWC Administrator/CEO Sarah Morrison. "Low and stable rates - combined with nationally-recognized workplace safety programming and excellent care for injured workers - help position Ohio employers for success and Ohio workers for a healthy and prosperous future."
The actual premium paid by individual private employers depends on a number of factors, including the expected future claims costs in their industry, their company's recent claims history, and their participation in various programs.
The vote follows Monday's announcement of a proposal to send $1 billion in rebates to Ohio employers in early July. Private employers' share of the proposed rebate would total an estimated $967 million. A fact sheet regarding the rebate proposal can be found here.
Workers' comp savings since 2011 total $6.3 billion with the proposed rebate. An overview of the $6.3 billion in workers' comp savings since 2011 can be found here.
The board's Audit Committee discussed the rebate yesterday and will vote on the proposal during its next regular meeting scheduled for April 28.