Ohio to Implement to New Workers’ Comp Premium Billing System
A new billing system will change how private businesses pay their workers’ compensation premiums in Ohio.
The Columbus Dispatch reports employers will be able to pay estimated premiums for the following coverage year in two, four, six or 12 installments as part of a plan by Ohio’s Bureau of Workers’ Compensation.
The 2015 policy year starts July 1, and businesses will receive their first estimated annual premiums bill in early June. The first payment will be due Aug. 31. At the end of the policy year, the BWC will review the payments to make sure they’re correct.
The BWC will pay businesses’ previous six months of coverage as part of the switch, and it will contribute more than 16 percent to employer premiums for the new policy year.
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