Ohio Workers’ Compensation
When it comes to workers’ compensation insurance, Ohio is a bit different than most other states.
Workers' Compensation In Ohio
Workers' compensation in Ohio is monopolistic, meaning that employers have to go through the Bureau of Workers’ Compensation (BWC). Every company in Ohio is mandated to have workers’ compensation insurance, and the Bureau sets the rate for your company without allowing you to shop around for a better deal. However, partnering with a Professional Employer Organization (PEO), like Group Management Services, can allow you to get a lower workers’ compensation rate for your business.
Lower Your Ohio Workers’ Compensation Rates
Workers’ compensation insurance may be mandatory, but that doesn’t mean you’re limited to one choice. GMS can provide Ohio businesses with another option: self-insured workers’ compensation.
Under the self-insured PEO administered policy, GMS provides the workers’ compensation coverage to employees. Should an injury occur, GMS will make the overall claim determination. GMS will cover all medical and compensation costs if the claim has been certified.
As one of the few self-insured PEOs in the state, GMS has control over what discounts are offered, all while complying with the Bureau’s regulations.
Benefits Of Self-Insured Workers’ Compensation
The self-funded approach to workers’ compensation offers several benefits to your business, including:
- Improved cash flow. Because claims are paid for as they occur, you can more easily estimate income and expenses.
- Reduced cost. Self-insured plans forgo the markup costs included in state premiums.
- Greater control. Safety audits, employee training, and workplace safety programs help secure greater control over the safety of your employees.
- Focus on growing your business. GMS takes on the burden of policy administration, allowing you to put your focus back on growing your business.
Lower Your Risk Of Workers’ Compensation Claims
We can help you lower your workers’ compensation rate through cost containment and loss prevention strategies. By helping you reduce the risk of accidents and potential claims, you can receive a much lower rate than what the Bureau will offer.