Today, the Ohio Bureau of Workers’ Compensation continues its commitment to reducing premium costs by proposing a 6.3% reduction in in private employer base rates. This is great news for employers, especially since this rate reduction proposal follows a previous 2.1% reduction last year and a 4% reduction in 2011. Altogether, these cuts represent a more than 12% decline in premium costs since 2011. This is also the eighth year in a row that premiums have stayed flat or fallen, according to BWC officials. Furthermore, these reductions build upon the significant relief that last year’s “A Billion Back” program provided a $1 billion rebate for employers in 2013, amounting to significant savings for employers.
In addition to other recent cost-saving changes passed in House Bill 493, including switching to a prospective payment system, providing other-states’ coverage, improving health care premiums, and more, these efforts demonstrate Ohio BWC’s commitment to standardizing and streamlining systems and services while keeping costs low. We’re glad to see these changes because they will continue to lower the cost of doing business in Ohio. This in turn will help ensure that Ohio remains attractive to businesses and allow businesses to use these savings for other valuable efforts, such as creating jobs and attracting skilled workers. These measures will have tangible benefits for all businesses in Ohio.