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Ohio Businesses to See Workers Comp Savings of $70 Million

March 13, 2000

Ohio employers can expect to see a reduction in insurance premiums as of July 1 that will save them more than $70 million.

EHS Today Staff

Ohio Gov. Bob Taft announced Thursday an average 5 percent reduction in workers' compensation insurance premiums for Ohio's private employers.

This reduction in insurance premiums for mostly small- and medium-sized businesses will go into effect July 1, 2000, and save more than $70 million.

"All around the country businesses are seeing their workers' compensation rates on the increase -- well, not in Ohio," said Taft. "This announcement means Ohio businesses, consumers and taxpayers have saved more than $1.5 billion in workers' comp costs in the past two years. More importantly, we have done it without reducing the benefits to those injured on the job."

This is the second consecutive reduction in workers' comp insurance rates since Taft took office.

James Conrad, Administrator/CEO of the Bureau of Workers' Compensation (BWC) presented the rate reduction to the Workers' Compensation Oversight Commission who unanimously approved it Thursday.

"This reduction in premiums means we are confident the system will continue on a path of improvement," said Conrad. "Not only are we saving money for Ohio businesses, we continue to improve customer service, reduce delays and help injured workers return to work."

The 5 percent rate reduction is an average for all Ohio employees. Depending on an individual business' record of injuries, their rates could increase or decrease.

This is the sixth rate reduction since system reforms were enacted in Ohio in 1995.

About the Author

EHS Today Staff

EHS Today's editorial staff includes:

Dave Blanchard, Editor-in-Chief: During his career Dave has led the editorial management of many of Endeavor Business Media's best-known brands, including IndustryWeek, EHS Today, Material Handling & Logistics, Logistics Today, Supply Chain Technology News, and Business Finance. In addition, he serves as senior content director of the annual Safety Leadership Conference. With over 30 years of B2B media experience, Dave literally wrote the book on supply chain management, Supply Chain Management Best Practices (John Wiley & Sons, 2021), which has been translated into several languages and is currently in its third edition. He is a frequent speaker and moderator at major trade shows and conferences, and has won numerous awards for writing and editing. He is a voting member of the jury of the Logistics Hall of Fame, and is a graduate of Northern Illinois University.

Adrienne Selko, Senior Editor: In addition to her roles with EHS Today and the Safety Leadership Conference, Adrienne is also a senior editor at IndustryWeek and has written about many topics, with her current focus on workforce development strategies. She is also a senior editor at Material Handling & Logistics. Previously she was in corporate communications at a medical manufacturing company as well as a large regional bank. She is the author of Do I Have to Wear Garlic Around My Neck?, which made the Cleveland Plain Dealer's best sellers list.

Nicole Stempak, Managing Editor: Nicole Stempak is managing editor of EHS Today and conference content manager of the Safety Leadership Conference.