What is Workers’ Compensation Group Rating?
Group rating allows companies in a similar industry to “group” their workers’ compensation claims history together. By grouping companies with few or no claims, all businesses enrolled in the group can earn up to the BWC maximum discount on their premium.
Why should I join a group rating program?
Group rating enables companies to save significantly on workers’ compensation premiums, up to the BWC maximum available discount. All programs have a sponsor organization, such as a trade association or chamber of commerce. Each program offers its own savings rate. You could potentially save significantly more with a CCI group program compared to other available programs.
How is coverage provided under a Group Rating Program?
Coverage is still provided by the Ohio Bureau of Workers’ Compensation (BWC). Each participating employer maintains their own policy number and premium payments continue to be made to BWC.
Can you only enroll once a year, and is this true of all groups?
Yes, BWC regulations dictate this. Quotes are provided throughout the Fall with final actual enrollment taking place in February. We are currently accepting applications for the BWC plan year July 1, 2010 through June 30, 2011.
Is there a cost to participate in the program?
Each member is charged an administrative fee to be in the program. By enrolling in a group rating program, you also receive cost control services provided by plan administrator CareWorks Consultants, Inc.(CCI). Details of the administrative fee will be provided along with the proposal. Also, you MUST be a paid member of the sponsoring organization.
If I am uncertain whether my company will qualify, should I apply?
Yes, each year BWC assigns each employer new rates based on their payroll and experience. A company who did not previously qualify may now qualify if their claim history has improved.
How will I receive my savings?
Coverage is with BWC and the premium statements from BWC will reflect the group discounted rate. The rate will become effective on July 1, 2010, and your first discounted premium payment will be paid in January 2011.