The Ohio Bureau of Workers’ Compensation is reminding employers that they must take action now to ensure that they get their share of a $1.2 billion credit that the bureau will issue this summer as it switches how it bills employers for coverage.
Beginning July 1, businesses will be billed upfront, as is common throughout the insurance industry, instead of after a coverage period as the bureau traditionally has done. As part of that switch, private employers that are up to date with their coverage from the bureau will receive eight months of workers’ compensation at no cost.
Those out of compliance aren’t eligible for the credit. The bureau said it will establish payment plans for companies wishing to come into compliance by July 1, 2015.