Self Insured Services
CSI can administer your current program or assist in transitioning to self insurance.
Compensation Solutions Inc., partners with self-insured employers providing the experience and means to administer a successful Self-Insured Workers' Compensation Program in Ohio. Our approach to claims management and cost control will yield results that impact your bottom-line.
Considering if Self Insurance is an option for your business?
Compensation Solutions Inc. can provide your business with a detailed study, at no charge, to determine if a Self Insurance program is right for your business - Contact Us
Qualifications to become a self-insuring employer.
In order to receive the privilege of self-insurance you must meet several requirements including:
- Have a minimum of 500 employees in Ohio;
- Have two years experience with the state insurance fund;
- Operate a BWC-certified Qualified Health Plan (QHP) or Medical Management Plan;
- Demonstrate strong financial stability;
- Have the ability to administer workers’ compensation insurance;
- Maintain an account with a financial institution in Ohio or draw compensation checks from the same account as the payroll checks.
To become a self-insuring employer, complete an application and submit it to BWC. The application must include:
- All financial records, documents and data necessary to provide a full financial disclosure (as audited by a certified public accountant);
- Balance sheet and a profit and loss statement for the current year and the previous four years;
- Organizational plan for claims processing;
- Proposed plan to inform employees of the change from state fund to self insured including procedures employees must follow when filing for compensation and benefits.
The Self-Insured Review Panel hears requests for self-insurance. If approved, CSI will administer all aspects of your program in conjunction with your business.