Ohio private employers will again benefit from lower overall workers’ compensation base-rates with a 6.3 percent reduction that will take effect July 1, the Ohio Bureau of Workers’ Compensation (BWC) announced.
The reduction brings combined collections over the last four years down by $409 million.
Private employers previously benefited from a 4 percent rate decrease in 2011, no change in 2012 and a reduction of 2.1 percent last year. The actual premium paid by individual private employers depends on a number of factors, including the expected future costs in their industry segment, their recent claims history, and their participation in various discount and savings programs.
Source: Ohio BWC
Topics Commercial Lines Workers' Compensation Business Insurance Pricing Trends Ohio
Was this article valuable?
Here are more articles you may enjoy.
Binance’s $6.3 Billion Hack: How Crypto Insurance Works 
WSJ Wins Dismissal of Trump’s $10 Billion Defamation Suit 
FTC, States Allege Toast Software Burns Restaurants and Consumers 
AIG Steps Back from NPW Growth Target on Pressure in Some Lines 
