Although our nations economy is at historic lows and joblessness is at 9%; more jobs could be available in Ohio if a plan proposed by the Ohio Bureau of Worker’s Compensation sees the light of the day. This fiscal growth program seeks to present new Ohio companies with workers’ compensation insurance premium discounts amounting to 50 percent or more. The plan dubbed “Grow Ohio” will upon approval will offer qualified Ohio employers an immediate discount of 25 percent in form of workers compensation premiums. Ohio employers will also get direct access for involvement in the rating program for group experience. Even if a company does not have an experience MOD; one will be assigned based on the type of work being performed. This is only if they have no intention to join another program that is not in tandem with the discount rate of Grow Ohio. The premium reduction will be applied within the period for the payment, within which the coverage comes to effect as well as four other six-month pay roll periods that run together.
New employers in the state will have an alternat ve to have immediate participation in the new Ohio rating program. This offer is however inaccessible to new companies until such a time their policy is up for annual renewal. According to the plan, employers are essentially given up to one month to agree upon whether the best way to go is to adopt group rating or would prefer to go for a discount of 20 per cent. This is left for them decide depending on how favorable or unfavorable they find each of the options to be.
Opting for group rating reduces premiums to 51 percent which is the maximum allowable amount for the insurance policy year that ends July 1. If the board happens to approve the initiative on September 29, then the offer will be applicable to both new for businesses from other states that were entered in the report pay roll before, on or after 1st July, 2011. The incentives will be featured on the bills employers starting from February 2012.
Although I am bringing this story to the attention of my Ohio Customers, InsureDirect.com does not market Workers Compensation in Ohio. We do have Workers Compensations products available in Pennsylvania and New Jersey. InsureDirect.com does offer Commercial Auto Insurance, Private Passenger Car Insurance and Homeowners nationwide. Give us a call!
Michael E. Dortch
President & Managing Agent
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