Ohio Agency Cutting Comp Premiums Again
The latest action by the board of the Ohio Bureau of Workers' Compensation means employers that obtain coverage from BWC have a 3.9 percent reduction in their premiums coming for the policy year beginning July 1.
Employers that obtain workers' compensation coverage from the Ohio Bureau of Workers' Compensation will see a 3.9 percent reduction in their premiums in the policy year beginning July 1, part of an overall 35 percent base rate reduction the agency has made since July 1, 2007.
"Three years of comprehensive rate reform efforts have lowered workers’ compensation base rates for the majority of Ohio's private employers to their lowest levels in at least two decades," said BWC Administrator Marsha Ryan. "Thanks to rate reform, our rates are now more actuarially sound, and we are confident that each employer is paying a rate that more closely corresponds with the risk they present to the system."
The BWC board also approved the agency's $284 million administrative budget for FY2011. BWC has more than $19 billion in assets and provides insurance to about two-thirds of Ohio's workforce.