03/02/2018 | News release | Distributed by Public on 03/07/2018 10:05
Last week, the Ohio Bureau of Workers' Compensation (BWC) Board of Directors approved the proposed 12% cut in rates that will save private employers in the BWC system $163.5 million over this year's premiums.
BWC Administrator/CEO Sarah Morrison attributes the agency's ability to reduce rates to many factors, including slow growth in medical inflation, fewer claims, a changing workforce and safer workplaces.
The actual premium paid by individual private employers depends on multiple factors that include expected future claims costs in their industry, their company's recent claims history, and their participation in various BWC discount programs. 2/26/2018