Navigating the Bureau of Workers' Compensation (BWC) Requirements with Compensation Solutions Inc.
New employers have 30 days from the date of their BWC application to participate in a group discount plan through the Grow Ohio Program, which will save them 53% on their BWC premium rates. If that window of time is missed, employers must pay the normal rates for up to 18 months before being allowed to join any discount group.
Working with a trusted third-partner partner such as CSI can help new businesses avoid costly problems.
- An application filled out incorrectly can cause employers to pay more premiums than needed due to their rate class assigned being inaccurate.
- Businesses can reduce potential financial risks associated with insufficient coverage.
- To avoid costly premiums and the potential for their rates to increase, companies need to follow very specific steps and file the correct forms to the BWC if they have recently gone through a merger, purchase, acquisition, or transfer of sale.