November 01, 2016
Enroll in Workers’ Comp group rating by Nov. 18
Group administrators must file the 2017 group rating roster with the Bureau of Workers’ Compensation (BWC) on Monday, Nov. 21, 2016. Sheakley is requesting all enrollment paperwork be submitted by Friday, Nov. 18th to ensure everything received is accurate and complete.
Consider this — if you are currently in a group rating program, many group administrators will automatically re-enroll you for the next rate year UNLESS you have asked them not to do so. By doing this, they are working in your best interest so you can continue to receive a discount. However, if you are considering group retrospective rating, you need to compare your options now, while you still have time to decide on what works best for your company.
Group rating might be right for you if you like to save now. In group rating, your discount is applied upfront to your BWC premium statement.
Group retro might be right for you if you’re qualified to get a higher refund and can wait to get your money back. Refunds are calculated at 12, 24, and 36 months after the rate year ends, so you’ll need to pay your full BWC premium upfront.
Group administrators are required to notify companies who no longer qualify for their group rating program by Oct. 31st. If you haven’t seen a savings analysis from your current program, or if you receive a notice that you no longer qualify in your current group, we may be able to help.
ChamberComp, administrated by Sheakley, offers both group rating and group retro rating. Combined these programs are saving Chamber members over $36.1 million off their Ohio BWC Workers’ Comp Premiums. If you are not a Sheakley client, request your ChamberComp savings analysis to compare us to your current program. It’s free, and there is no obligation to join, so it’s simply smart business to compare. Click here to learn more and request your savings analysis