BWC approves another rate reduction

By Marc Kovac

news@vindy.com

COLUMBUS

The Ohio Bureau of Workers’ Compensation board approved an 8.6 percent rate cut for private employers Thursday, continuing a series of rate decreases in recent years.

The change will take effect in July and is expected to save employers about $113 million in premium costs annually, according to the agency.

“As a result of the board’s actions, Ohio private employers will be paying $463 million less annually than they were at the beginning of 2011, representing a combined 28.2 percent decrease,” Steve Buehrer, the bureau’s administrator and chief executive officer, said in a released statement.

“The reduction announced [Thursday] will add to the $4.3 billion in rate cuts, rebates and credits Ohio’s employers have realized over the past five years.”

Since 2011, the bureau has cut private employer rates by an average of 21.5 percent. The agency also has tripled funding for grants it distributes to companies to improve workplace safety.

Savings resulting from the reductions will vary by employer, based on the industry, recent claims history and other factors.