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Category: 2023 Bwc Rates

2023 Q1 Ohio BWC Update

2023 Q1 Ohio BWC Update

Posted By Brandy King
February 20, 2023 Category: Ohio Bwc, Bwc Update, 2023 Bwc Rates, Bwc Rate Reduction, Ohio Safety Congress, Dfsp, One Claim Program

BWC announced in January that they are proposing an 8% rate reduction for private employers in the 2023 policy year (which begins 7/1/23). This isn’t the first time they’ve touted it – and it’s also not the first time people have misunderstood what it actually means. Not all manual classifications (NCCI codes) will receive a decrease. In fact, some may see their base rates rise. The 8% is an average, meaning BWC will collect 8% less premium across the board. The administrative fee baked into employer premiums will be coming down for the 2023 policy year, but don’t get too excited. It’s going from 31.59% to 29.01%. The 2.58% drop won’t make a huge difference for most Ohio employers. For example, a policy with a $75,000 annual premium will only see a savings of $1935 next year based on that change. Make sure you complete the 2-hour safety training required for 2022 PY Group Rating and Group Retro participants by June 30, 2023. We have you covered on this one! Just sign up for one of our Safety Seminars being held throughout Ohio in April. These fill up fast, so don’t wait to register. Registration is open for 2023 Ohio Safety Congress! We’ve missed this event dearly and we’re excited to return. For the uninitiated, this three-day event takes place March 8-10 and is FREE for state-fund employers (those with a BWC policy). Between the education, exhibits, continuing education credits and teambuilding

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