August 28, 2012
Savings opportunities exist if you know where to look
Just six years ago, Ohio employers could save up to 95% off their Ohio Bureau of Workers' Compensation (BWC) premium by participating in a group rating program like ChamberComp. Many companies saved millions of dollars by participating. Others chose not to enroll because they thought it was a scam. It certainly sounded too good to be true.
Group rating was not a scam, and the program is still going strong. However, the maximum discount is now 53%. With group rating savings decreasing, group retrospective rating, a rebate program, is becoming a more popular option. And with average savings for Chamber members three times more than group rating savings, it's not hard to understand why.
At a time when employers need cost savings more than ever, savings opportunities may seem harder and harder to find. However, there are a variety of options ChamberComp's group administrator, Sheakley, can help you take advantage of to decrease your total workers' comp premium payment, many of which can be used in addition to group savings. Along with a few programs that have been available for many years, the BWC launched a new program, Destination: Excellence, in February, 2012, and with it, you now have a variety of new savings opportunities. The program is designed to help protect your workers and your organization's bottom line by focusing on safety, accident prevention, and return-to-work opportunities to bring injured workers back to work sooner.
To find out more about the savings programs available to your company, contact Mike Cicak at Sheakley at 513.618.5070 or email@example.com.
To get a free no-obligation workers' comp savings projection, download, print and complete a Temporary Authorization Form (AC3) from cincinnatichamber.com/ac3 and fax it to the Chamber at 513.579.3101.