NFIB, Ohio’s leading small business advocacy organization, commends the Ohio Bureau of Workers’ Compensation for approving a 6% rate reduction for Ohio’s small business owners.

“Ohio’s small businesses benefit greatly from this rate reduction,” said Chris Ferruso, NFIB Ohio State Director. “Allowing small businesses to keep more of their earnings allows owners to invest more in their employees. The small business community appreciates the agency’s Board of Directors for continuing to cut rates for small employers and prioritizing the ongoing workplace safety practices, making Ohio’s workers safer.”

The rate reduction, saving Ohio businesses $60 million annually, will go into effect on July 1, 2025. The average rate levels for the 257,000 private and public Ohio employers are at their lowest in over 60 years.

According to NFIB’s latest research, the net percent of small business owners expecting the economy to improve fell five points from December to a net 47% (seasonally adjusted). Eighteen percent of owners reported that inflation was their single most important problem in operating their business, tying labor quality as the top issue.