BWC Directors Stabilize Maximum Discount

The Bureau of Workers' Compensation achievements have eliminated the need to adjust the current maximum discount or the break even factor (BEF) for the policy year beginning July 1, 2011.

The BWC Board of Directors voted to maintain the discount at 51 percent and keep the same BEF formula used to adjust discount levels based on the overall risk of a group.

"The intent of rate reform has been to ensure fairness, equity and stability in our rates and ultimately the premium costs for all Ohio employers," said BWC Administrator Marsha Ryan. "Today, Ohio's rates are the lowest they've been in 20 years, and the cost for employers more appropriately represents the risk they bring to the workers' compensation system."

In October of 2009 the board established the current maximum discount and BEFs for the July 1, 2010 policy year as part of its ongoing rate reform initiative.

SPECIAL OSHA RECORD KEEPING TRAINING The Lake County Safety Council is offering a special OSHA record keeping training session on Wednesday, November 3 from 9 a.m. until noon. The class will be held at the Lake County Department of Utilities Business and Learning Center at 1981 Blase Nemeth Road, Painesville, 44077. The cost of the session is only $50 for LCSC members and $75 for non-members. To make your on-line reservation go to the LCSC web site.

Attendance - 09/17/10

Rate Reform Highlighted at Ohiobwc.com

The Bureau of Workers' Compensation comprehensive rate-reform effort began in 2007 with the goal of making sure every Ohio employer pays the appropriate rate for workers' compensation insurance coverage.

The key to actuarial soundness is having employers paying rates based on the risk they bring to the system. In three years the efforts are paying off.

Since July 2007 Ohio's average base rate stands at $1.95 per $100 of payroll, a reduction of 35 percent - the lowest level in two decades. While Ohio rates once ranked among the highest in the country, they are now in the mid-range for the nation at 20th, according to a comparison study by the BWC's actuarial division.

Today, more employers are seeing significant cost savings, which is helping to create a more attractive environment for future business investment.

For more information about rate reform and the potential positive impact on Ohio firms, visit the BWC web site.

Ohio Workers

Labor Day was a fitting time to pay tribute to the American worker, and to reflect on the importance of Ohio's and the nation's workers' compensation program.

Next year marks the 100th anniversary of workers' compensation insurance in the United States. The passage of the Ohio Workmen's Compensation Act on June 15, 1911 established Ohio's system. The intent of the forefathers was to protect workers and employers from loss as the result of a workplace injury.

The mission today is the same as it was a century ago. However, the system has undergone many changes. Today the BWC insures more than two-thirds of the state's work force and provides above average benefits at an average cost.

The BWC manages 1.3 million open claims and receives approximately 120,000 new claims each year.