BWC: Employers to save up to $40.2 million in workers’ compensation premiums

The Ohio Bureau of Workers' Compensation Board of Directors has approved another round of premium reductions for state agencies, public hospitals and universities. This is the fifth straight year of rate cuts approved by the board and offers:

• An average of 10.7 percent decrease to premiums
• Estimated savings of $4.8 million in premium contributions in the coming year for public hospitals and state agencies alone

While some state agencies may see a slight increase in premium contributions based on recent and projected claim activity, most agencies, public hospitals and universities will see a decrease in the high double digits next year, expected to be around $40.2 million. In addition to the savings in premium contributions for the coming year, these employers can expect a $1 million savings in managed care costs as well.