As a state representative and someone who has paid insurance bills for many years, I know just how much insurance can give a person peace of mind, whether your car, house, or life is being protected. The Ohio Bureau of Workers’ Compensation (BWC) is an important aspect of that industry, helping public and private employers protect their workers while on the job. The premiums paid by these businesses are used to provide safety services and care for those who are injured while at work.
This year, the BWC announced that it will return more than $1 billion to Ohio’s employers, the third time in four years it has done so. In total, more than 200,000 employers will receive money back because of this return, and some already have! The BWC is able to give back to the business community because of a net position of more than $9 billion in the State Insurance Fund.
Why is there a surplus? First, work environments around Ohio have improved and are safer, leading to a reduction in the number of insurance claims. A strong and stable economy also helps, a goal we’ve worked to achieve through responsible fiscal management. Lastly, higher than expected investment returns have also contributed to the financial strength of the BWC.
For Miami County specifically, businesses will receive almost $10 million in rebates from the BWC, with close to $9 million going to private employers and over $1 million going to public employers. Additionally, for Darke County, private employers will receive more than $3.3 million and public employers will get $450,000, totaling almost $4 million. It is important to note that only the businesses that are eligible will receive funds back — entities that pay into the State Insurance Fund, were billed for the previous policy year, and are currently meeting policy requirements.
Ultimately, this one-time rebate will do so much for Ohio business owners, rightfully returning their funds and allowing them to reinvest in their companies. With a strong business sector and capable, hard-working Ohioans, our state has a better outlook on the future.
Steve Huffman currently is serving his second term as state representative for the 80th Ohio House District, which covers Miami County and parts of Darke County. He also is the former Miami County Coroner.