Ohio’s small business community has expressed approval for a recent decision by the Ohio Bureau of Workers’ Compensation (BWC) to reduce rates by 6%. The reduction is expected to save businesses in the state $60 million annually, starting July 1, 2025.
Chris Ferruso, NFIB Ohio State Director, highlighted the benefits of this move. “Ohio’s small businesses benefit greatly from this rate reduction,” he stated. He further explained that the savings would allow business owners to reinvest in their employees and appreciated the BWC Board of Directors for their commitment to lowering rates while maintaining workplace safety.
The new rate levels are at their lowest in over six decades for Ohio’s 257,000 private and public employers. This comes as NFIB research indicates a decline in economic optimism among small business owners, with a net 47% expecting economic improvement—a drop of five points since December. Inflation and labor quality remain significant challenges for these businesses.
