This is a reminder that companies will soon be in a position to again decide on their group workers' compensation program for the rate year beginning July 1, 2013. The deadline to sign up with any group is February 28, 2013. Even though the BWC has not changed its maximum discounts, it is still an opportunity to save precious dollars.
One of the most important decisions you can make is the selection of your Third Party Advisor (TPA). In this regard, it is critical that you have the most knowledgeable and competent administrator to help you through the extremely challenging issue of managing injuries. Then the next two factors to consider are the group discount and fee. Many times companies choose their TPA/group rating program based on what their trade association/chamber of commerce/someone else tells them, without shopping around.
There are also some newer programs available to help reduce your workers’ compensation premiums, such as Group Retrospective Rating and the Small and Large Deductible Programs. These programs provide discounts but those discounts are also dependent on the risk a company is willing to take. Before joining any of these programs, it is wise to thoroughly review any proposals you receive.
Finally, the Grow Ohio Incentive Program is entering its 2nd year. This program allows new companies in Ohio to receive a 25% discount on premiums for up to five payroll reporting periods, or they can opt to join a group rating program immediately upon the effective date of the business. There are certain requirements to the program and strict enrollment deadlines.
If you have any questions or wish to set up a time to sit down and review your workers’ compensation options, please contact Kenny Goodwin or Roger Gingerich in our Compensation and Benefits Consulting group by leaving a message below, or by calling 440-449-6800.