Ohio may offer lower workers' comp premiums to encourage jobs
The BWC's board of directors is expected to consider the proposal at its meeting later this month. If approved, new employers to the state could get discounts of more than 50 percent on their workers' comp premiums.
"BWC wants to be a part of revitalizing Ohio's economy and an asset for attracting new employers to the state," said Melissa Vince, BWC public information officer. "The prospect of lower workers' compensation rates could be a great encouragement to employers to relocate to Ohio or start a new business here."
Called Grow Ohio, the program would allow new employers one of two options to reduce their premiums:
- Receive a 25 percent discount for each of the next two years.
- Gain immediate access to the Group Rating program, instead of waiting the required full policy year. The maximum discount is 51 percent, "so that new employer could potentially be paying half the amount they otherwise would, depending on the group they join," Vince said."New employers would have access to these discounts during the payroll period in which their coverage becomes effective and the four subsequent, six-month payroll periods."
If the Board approves the plan, the incentives would apply to new business entities or out-of-state businesses that are new to Ohio and report payroll in the state on or after July1. The incentives would be reflected on employers' bills as of February 2012.
"Employers have many factors to consider when choosing a location, and the costs of conducting business -- including workers' compensation -- are high on that list," said BWC Administrator/CEO Stephen Buehrer. "By lowering the initial premium of new businesses, Grow Ohio is freeing up more money for those companies to invest in job growth and help restore prosperity to Ohio."
Read more at the WorkersComp Forum homepage.
September 12, 2011
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