Self-insured workers’ compensation plans can provide great benefits to small and medium-sized business owners in Ohio.
How Does It Work?
For most businesses in Ohio, the Bureau of Workers' Compensation (BWC) is the only option for workers’ compensation insurance policies. However, partnering with a PEO like GMS gives Ohio business owners another option: Self-insured workers’ compensation.
Under a PEO-administered policy, the BWC does not pay for workers’ compensation costs; they are paid directly by the PEO. This self-funded approach offers a number of benefits to your business.
Improved Cash Flow
Because claims are paid for as they happen (not upfront) you can more easily estimate income and expenses.
In other words, you can maximize your cash flow and make the appropriate investments to help grow your business.
In a fully funded plan, you pay the insurer a premium. That premium includes a markup so the insurer can generate profits. With self-insured plans, you get more for your money because you don’t pay those markup costs.
Because costs are paid directly, you are even more motivated to take control over factors that limit your financial risk.
Safety audits, employee training, record keeping, workplace safety programs and more help you secure greater control over the safety of your employees and growth of your business.
Focus on Growing Your Business
Not sure where to begin? Employers can contract administration of self-insured plans to a third-party administrator (TPA). TPAs can help you implement claim prevention policies and will manage claims on your behalf.
Because someone else is focusing on the details of the plan, you can put your focus on growing your business.
Give us a call at 330-659-0100 or fill out the form today.