06/15/2022
BWC Updates
Premium Installment & True-Up Reporting for Private Employers
Employers must pay premiums timely to the Ohio Bureau of Workers’ Compensation (BWC) to receive and maintain workers' compensation coverage.
Through the year, employers have been making premium installment payments based on estimated payroll. As we near the conclusion of the 2021 policy year (July 1, 2021 through June 30, 2022), BWC will be requiring all employers to reconcile (“true-up”) the payroll that was used to estimate their premium with their actual payroll for the policy year.
Important reminders
BWC mailed 2022 estimated annual premium notices along with your installment schedule around May 1, 2022.
- If you expect your payroll to change during the 2022 rating year from the estimate provided, you can call BWC at 800-644-6292 and request a change to your payroll and installment schedule.
- Failure to make installment payments based on the installment schedule can result in lapses in coverage, therefore, make sure installment payments are paid by the due dates as noted on the installment schedule. The first installment payment will be due by mid/late June 2022.
- If you pay your full 2022 premium by the June installment due date, you can earn a 2% Early Payment Discount. There is no need to switch to an annual installment, but the premium must be paid in full by the due date. BWC will issue the 2% refund the following month.
BWC will mail notices regarding the July 1, 2021 through June 30, 2022 true-up around July 1, 2022. True-up reporting and payment is due by August 15, 2022.
- Failure to true-up and pay any additional premium will result in your policy being removed from all discount and rebate programs and it will remain ineligible for discounts and rebate in future years.
Employers can receive a rebate for paying premiums and completing true-up online with BWC's Go-green Rebate Program.
Developing a Safety Program
Developing an effective safety program is key to a healthy workplace for your employees and your bottom line. Not only are there costs associated with injuries but there are other affected areas such as employee morale and potential violations that could result in expensive fines.
The benefits of implementing an effective safety program, according to OSHA, include:
- Prevent workplace injuries and increase employee morale
- Improve compliance with laws and regulations
- Reduce costs, including potentially significant reduction in workers’ compensation premiums
- Engaged workers
- Enhanced social responsibility goals
- Increased productivity and better overall business operations
It may seem like a daunting task to create a safety and health program, but if you break it down, it will be much easier to develop. A successful safety program is built around key elements. Some of the key elements when creating a safety program include:
- Management leadership/employee participation and commitment to safety
- Learn the requirements for your industry
- Hazard identification, assessment, control and prevention
- Education and training for the workforce
- Injury and illness tracking
- Program review and updating
- Communication with outside organizations
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