As many of you are aware, the Ohio BWC instituted numerous rate changes this past spring that are affecting your premium for the July 2009 rate year. There are two changes in particular that are driving the new premium rates that employers are facing.
The BWC:
1. Lowered the Base Rates, or “the rate by which the BWC multiplies your payroll to determine your premium” on average by 18%-30% which has a positive impact on an employer’s premium.
2. Also lowered the Allowed Losses, or “the dollar amount that an employer can incur in workers’ comp losses” by an average of 21% which has a negative impact on an employer’s premium.
The combination of these changes actually resulted in many employers paying more in premium despite the reduction in base rates.
Our goal is to assist all of you in understanding and controlling your workers’ compensation cost. OHP can review your workers’ compensation experience with you to see how these changes are going to affect your company moving forward over the next two years. We can then advise on a proactive risk management plan for your company.
Please contact Brandy Jordan at (614) 602-8273 / bjordan@ohpinc.com to have OHP begin this review for you.
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