Private employers in Ohio will pay nearly $106 million less in workers’ compensation premiums in the next fiscal year due to a 10% rate reduction approved by the Ohio Bureau of Workers’ Compensation board of directors Friday.

This marks the fourth straight reduction for private employers since 2019, according to a statement from the BWC.

The reduction is “possible because of declining injury claims and relatively low medical inflation costs by Ohio’s private employers,” the BWC said.

This rate reduction becomes effective July 1 and follows a 10% rate cut for public employers that went into effect Jan. 1.

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