May 21, 2013
Workers’ comp plan could mean $1B+ for businesses
Ohio Governor John Kasich has endorsed three specific actions on workers' compensation.
A proposal now circulating among lawmakers in Columbus could have a huge impact on workers' comp -- and signal a rebate for state businesses. The plan, to divvy up $1.9 billion in excess funds for public and private employers, entails:
- $1 billion to be given back to businesses in the form of rebates. Employers would receive approximately 56% of what they were billed their last policy year - July 1, 2011-June 30, 2012 for private employers and January 1, 2011-December 31, 2011 for public employers.
- The Bureau of Workers' Compensation would increase work-safety and wellness grant monies, from $5 million to $15 million.
- If Legislature approves, employers would pay their workers' comp premiums in advance, beginning in mid 2014. Currently, businesses pay premiums six months after coverage begins. To "catch up" on payments, Gov. Kasich is proposing using the $900 million balance to make premium payments on behalf of the employers.
Stay tuned for additional updates on this legislation, and contact Greg Buscher at 513.686.2959 or email@example.com to learn how to protect your business with ChamberComp through Sheakley.
Read the article