“If you're an employer in Ohio who has had claims but also has a solid safety program in place, Group Retrospective Rating may be an option," said ORA Director Foodservice, Safety and Certification Laura Morrison.
The deadline to enroll in the ORA's Group Retrospective Rating plan is Jan. 25, 2017.
What is Group Retro?
Employers continue to pay their own individual premiums and have the opportunity to receive retrospective premium adjustments -- similar to a rebate program-- based upon the combined performance of the group.
- Depending on that performance, the participating employers can receive either a premium refund or assessment.
- This plan provides incentives to the group retro members to control and reduce losses. ORA members who control losses have the potential to see lower premiums.
Employers who do not qualify for the traditional group-rating program may also benefit. Participants have the opportunity to directly link premium levels to performance.
- Be a private, state-fund employer or a public employer taxing district
Note: Self-insuring employers and state agency public employers are not eligible to participate
- Be current on any and all premiums, administrative costs, assessments, fines or monies owed to BWC
- Have active coverage by the application deadline
- Not have cumulative lapses in workers' comp coverage
- The Ohio BWC may determine a policy to be in good standing if the employer or group (sponsoring organization) is current with a BWC-approved, part-payment agreement.
Sponsoring organizations also may screen group-retro applicants with their own underwriting requirements. This is an important step in the process to ensure your fellow group members are committed to safety and claims cost containment.
For more information, contact Beverly Westover at CareWorksComp or call her at (800) 837-3200 ext. 57169.