October 13, 2015
Workers’ Comp premiums due
First, the good news: If you’re doing business in Ohio and you’re reading this article, you’re probably one of the 3,000 or so smart companies using their Chamber membership for maximum workers’ comp savings allowable through the Bureau of Workers’ Compensation. And, your November/December premiums are due November 2.
If you’re not taking advantage of the 53% savings (yet) don’t sweat it. The deadline for Group Rating for the 2016-17 plan year is November 20, 2015.
Your Chamber partners with Sheakley – they’re locally-owned with a huge community commitment – and they represent the largest group in Southwest Ohio: Your Chamber.
Sheakley’s group rating program allows employers that are largely the same in business type (homogeneous) to combine their individual claims and payroll experiences to act as one large employer. This discount is shown on BWC premium statements and applies to the rate year employers enroll in the group. But here’s the catch: You gotta enroll each year to participate.
Currently, the maximum discount for group rating participants is 53%. Sheakley's program is tiered to allow greater participation and maximize savings for participants. Group eligibility is dependent on claim activity during a specific time frame relative to the rate year, so your claims history changes every year. Because of this sliding window, even though you may not have qualified in the past, you could qualify this year. There is no cost or obligation to see if your company qualifies for group rating, so if you have not done so already, you should request a savings analysis.
Complete, sign and submit your AC-3 Form
for a sweet deal.
Which should remind you to call your Mom. Happy Sweetest Day.