The Ohio Bureau of Workers’ Compensation board of directors has approved an average rate reduction of 1.6 percent for public employer taxing districts.
The BWC said the change will result in Ohio’s 3,900 cities, counties, townships, villages, schools and special districts paying an estimated $3.9 million less in premium in 2014. Combined with 5 percent rate reductions adopted in 2012 and 2013, BWC will be collecting a cumulative estimated $68.3 million less than if the 2011 rates had remained in place.
The decrease represents a reduction to the average of the collectible rates for public employer taxing districts. Actual premium changes for individual public entities will differ based on several factors including their manual classification (the exact type of entity they are), as well as their own recent claims history and program participation.
Public employers are encouraged to take full advantage of the bureau’s rate-savings and safety programs. The end of October is the deadline to sign up for certain Destination: Excellence programs. Destination: Excellence is a bundle of programs that reward employers for keeping their workplace safe and getting injured workers healthy and back to work sooner.
Source: Ohio BWC
Topics Commercial Lines Workers' Compensation Business Insurance Ohio
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