The Ohio Bureau of Worker’s Compensation board has approved a rate reduction of 13%, which will result in a huge decrease in premiums paid by the Buckeye State’s private employers.Those companies should see a combined $132 million dollars in savings on premiums for 2020.This is the third largest cut in premiums in the bureau’s 50 years.This premium decrease will become effective July 1st, and follows a 10% drop in public employer worker’s comp premiums.
These cuts in premiums have been accomplished through fewer and less costly claims in the workplace.Total claims have declined by 19% in the past decade.