Historically, the Ohio Bureau of Workers’ Compensation (BWC) has billed Ohio employers in arrears or ‘retrospectively’. Employers currently report their actual payroll and pay their premium on a semi-annual basis for the previous six months of coverage.
In July of 2015, BWC is implementing a prospective bill payment process. Prospective billing is a national industry standard and builds upon ongoing efforts by BWC to modernize its operation. Under prospective billing, BWC will, like most insurance companies, collect employer premiums at the beginning of and throughout the policy period.
More flexible payment options (e.g., monthly, quarterly, semi-annually and annually) with possible discounts for those who pay in advance.
Better ability to anticipate budgetary impacts of workers’ compensation program cost changes.
Better opportunities for BWC to provide quotes online or via phone.
Lower mutualized costs from employers who don’t pay premiums timely or have workers injured without coverage for employers in good standing.
Increases BWC’s ability to detect employer non-compliance and fraud.
As Ohio’s leading workers’ compensation risk consulting and claims management service provider, CareWorksComp specializes in providing Ohio employers with the most effective cost management tools in our state, as well as, providing consultative safety, claims management and cost containment services to employers of all types and in virtually every industry group.