The state fund for injured workers is rolling out a billing system that will allow private employers to pay their workers’ compensation premiums in two, four, six or 12 installments.
The system is part of a plan by the Ohio Bureau of Workers’ Compensation to bill businesses an estimated premium for the coming coverage year. Under the old system, they were billed after they received coverage.
Businesses can expect to receive the first notice of their estimated annual premium in early June for the 2015 policy year, which starts on July 1. At the end of the policy year, a bureau review will ensure that the proper premium was paid.
As part of the switch, the bureau will pay businesses’ previous six months of coverage as well as one-sixth of the premiums for the new policy year.
The first payment under the new system won’t be due until August 31st.