Employers save up to $163.5 million!
A guest column by our partner Bricker & Eckler LLP
There is good news for Ohio’s private employers: the Bureau of Workers’ Compensation (BWC) may be reducing premium rates. On January 25, 2018, the BWC asked its board of directors to reduce rates by 12 percent with an effective date of July 1, 2018. The board will vote on the proposal at its next meeting on February 23. If approved, the reduction could save private employers a total of $163.5 million!
BWC Administrator Sarah Morrison cited fewer workplace injuries and slow-to-moderate growth in medical inflation as reasons for the reduction. The BWC noted that the number of claims dropped 18 percent from 2011 to 2017 — the fewest claims since at least 1997 when there were 277,000 claims.
Although the BWC may be reducing rates, employers will need to review various factors (for example, recent claim history) to determine their actual premium.