Accuracy in rates • Better services • Safe workplaces • Stable rates

Providing stable rates

Through these ongoing reforms, BWC wants to continue to improve stability within its rating structure. BWC also wants to provide an array of performance-based discount programs that enable employers to choose to accept greater risk in exchange for lower premiums.

To do that, BWC will continue transitioning all employers to pay premiums that reflect the future projected risk each business presents to the system at large. However, some of these reforms could have an impact on employers, which could result in economic hardship.

BWC recognizes the challenges Ohio’s business community faces. That’s why it is continuing to work with sponsoring associations and TPAs on developing two caps for employers.  The caps will help to mitigate premium increases for employers that:

1. are affected by setting the maximum discount at 77 percent beginning July 1, 2009; and,
2. have significant changes in their individual experience.

As the transition continues, the collective efforts could reduce Ohio’s base rates, which would make the state more competitive both regionally and nationally. In addition, current Ohio employers could enjoy more stable, predictable rates, which will help them to make decisions about how much risk they individually wish to bear.