State Funded Employers
Ohio is one of four states nationally that offer a “State Funded” workers’ compensation insurance program to the business community of the state. Under this format, the states are the exclusive provider of workers’ compensation coverage – there are no private insurance companies that are in direct competition with each other to provide coverage. As such, all employers in Ohio (other than those which are large enough to be Self Insured) pay directly into a single state fund for coverage for all of their employees. In Ohio, the Bureau of Workers’ Compensation (BWC) has monopolistic control over this fund.
Employers who do not apply or qualify for one of the alternative rating options such as group rating, retrospective rating, etc., are rated based on their individual claim experience. In such a merit-rated environment, businesses can expect to pay variable premium levels depending on the historical claims costs in their experience period. The key to gaining eligibility for a program such as group rating – and thus keeping your premium obligations at a minimum – is working with a strong TPA partner that will manage your claims aggressively while having the foresight to position and direct your company to the program tailored to provide maximum future premium savings.
At Premium Risk, our staff has the experience to identify the best alternative rating programs for our clients, while aggressively managing the state fund obligation they maintain. We have assisted thousands of employers through the complexities involved with participation in all the various state funded employer programs, while enabling many of our clients to move from a penalty scenario to a credit or group rating. What sets us apart from other TPA’s in this area is the educational aspect to these programs that we provide. Premium Risk wants to make sure you are comfortable with the rating program options available to you so that you can make the right choice for your organization. Our experience in this area is second to none.