BWC Board Approves 13% Rate Cut

The board of directors for the Ohio Bureau of Workers’ Compensation approved a 13% rate reduction for the next fiscal year that the carrier said will save employers more than $131 million in premiums. The bureau said the 13% rate cut is its third-largest reduction in 60 years and comes on the heels of the largest rate reduction of 20% the board approved last year. The rate reduction takes effect July 1, the start of the new fiscal year. The BWC said it will save private employers $131.6 million over this year’s premiums. It also follows a 10% rate reduction for public employers t...