Administrator wants Workers' Comp Rates to be Cut by 20%
Article by Jay Miller, Crain's Cleveland Business.
The Ohio Bureau of Workers' Compensation (BWC) is proposing a 20% reduction in the average premium rate it charges private employers.
BWC Administrator/CEO Stephanie McCloud said in a news release said the cut is possible because of fewer workplace injuries and falling estimates of future medical costs.
If approved by the BWC board at its meeting Feb. 22, it would be the largest rate cut in nearly 60 years. The bureau estimates the cut would save private employers $244 million for fiscal year 2019.
"We're pleased Ohio employers recognize that workplace safety is vital to the health of their workforce, their businesses and our state's economy," McCloud said in the release. "Their efforts to promote safe and healthy workplaces are clearly paying off, and they're making it easier for us to maintain low and stable workers' compensation rates now and into the future."