BWC Board Approves 8% Rate Cut for Private Employers

The Ohio Bureau of Workers’ Compensation board of directors approved an 8% rate cut for private employers. The BWC said the reduction is expected to save private businesses about $90 million in work comp premiums in the next fiscal year. Overall, average rates for both public and private employers are the lowest in 60 years, the agency said. “The 8% rate cut represents the average statewide change to loss costs and the administrative cost fund but does not include any costs related to other funds BWC administers,” the bureau said. “The actual premium paid by individua...