Ohio BWC proposes rate cut for employers

January 23, 2015 at 12:00a.m.

COLUMBUS

The Ohio Bureau of Workers’ Compensation has proposed cutting rates for private employers by 10.8 percent.

BWC Administrator Steve Buehrer announced the move Thursday during a committee hearing in Columbus.

The reduction would take effect July 1, pending final approval, and would save employers about $153 million in premium costs annually. The BWC board is expected to take up the issue at its meeting in late February.

BWC attributed the rate cut to lower claims and a revamped billing system.

“The ability of employers to expand and create jobs is directly tied to a number of factors, including the cost of their workers’ compensation coverage,” Buehrer said in a released statement.

“That’s why low and stable rates have been one of our highest ongoing priorities. This 21.4 percent reduction over the past five years, combined with strong safety programs that reduce claims by supporting accident prevention and a healthy workforce, is creating more flexibility for employers to invest in their operations and workforce.”

The rate reduction comes on top of earlier- announced credits totaling $1.2 billion to private employers and local governments.