Worker’s Compensation
The Ohio Bureau of Worker’s Compensation (OBWC) permits employers with better-than-average claim histories to join together through a sponsoring organization for the purpose of being rated as a larger group. By participating in group rating, employers enjoy a much lower premium than could be attained on their own.
The Fostoria Area Chamber of Commerce is a sponsoring organization in conjunction with CompManagement, to provide our members with lower Worker’s Compensation premiums. Historically, groups, administered by CompManagement have realized savings between 40%-93% on individual company premiums.
To enroll in group rating through the Fostoria Area Chamber of Commerce and CompManagement, or for more information, contact the Chamber, 419-435-0486. The enrollment and inquiry process must be completed by Feburary 28th of each year.
Workers Compensation Group Rating
The Group Rating Plan potentially lowers a company’s operating costs by providing lower Workers Compensation premiums. Group ratings permit employers in the same or a similar industry to group their claims experience for rating purposes. By pooling companies with good experience, the group will attain a better rate than the individual rates of its members.
Procedure
Enrollment in the program can only occur during the open enrollment period from May to October each year.
A company must submit an authorization form to the Chamber plan’s third party administrator. The AC-3 form allows the Bureau of Workers Compensation to permit the third party administrator to review your company’s workers compensation account in order to determine eligibility for the group-rating program.
After an analysis of all companies that have made application, the administrator will notify you of your company’s eligibility status and, if you qualify, will mail you an estimate of your savings.
If you decide to join the Chamber program, you must complete the necessary forms and return them to the third party administrator. Click on the CompManagement logo on the bottom of the page that will take you directly to the AC-3 form that can be completed and submitted online.
Program Cost
Each member is charged an administrative fee to be in the program. By enrolling in a group rating program, you are also hiring plan administrator CompManagement Inc.(CMS) to provide their claims cost control services. Fees vary depending on company size. Also, you MUST become a member in good standing of the Fostoria Area Chamber of Commerce.
The Fostoria Area Chamber of Commerce’s Worker’s Compensation Group Rated Program through CompManagement could save your company significant money on your worker’s comp premium. In 2011, 17 members of the chamber have saved over $30,600 on their workers’ comp premiums, with one member alone saving over $5,696! They only paid $7,975 total in worker’s comp premiums in 2011!!
Fact: Over 75,000 Ohio employers are in a workers’ compensation group. Most employers not in groups are paying much more than those in groups. Most employers not in groups are paying much more than those in groups. CMS offers chamber members multiple savings levels from the BWC maximum to a lesser percentage, for companies with claims. The multiple levels of savings can possibly prevent you from losing your group rating discount once a claim occurs, simply dropping you down to a lower tier.
Even if your company is enrolled in another workers’ compensation group rating program, you should compare your current program to the chamber group rating program through CMS. For more information, or for a no-cost, no-obligation quote of your potential premium savings, contact Ginny Hart, the chamber’s CMS representative at 1-800-837-3200 ext. 7228 or visit www.compmgt.com
