50/50 premium payment due Friday, June 1

If you paid one half of your premiums in February, then Friday, June 1, 2012 is the deadline to pay the second half of your premiums.  You pay online here: https://www.ohiobwc.com/employer/services/accntrecv/secure/accReceivables0.asp

Three things can happen if you do not pay your premium by the close of business on Friday:  1) your coverage may lapse, 2) you may be eliminated from group rating starting 7/1/12, and/or 3) you may lose your 1% Lapse Free discount.

Lapsed coverage:  If an injury occurs while your coverage is lapsed and the claim is allowed, you will reimburse the BWC for all medical and compensation costs for the life of the claim.  You will get a bill each month the BWC pays in the claim and you will have 30 days to pay it.

Group rating:  Employers must be current on their undisputed premiums, administrative costs, fines & assessments to be allowed to participate in group rating, so if your payment is late and coverage is lapsed on 7/1/12, your company will be eliminated from group rating.

Lapse Free discount:  Companies that have paid their premiums on time for 5 years will receive a 1% discount when they pay their premiums online starting with the payment due 8/31/12.  If you pay your 50/50 payment later than 6/1/12, you will have to pay on time for the next 5 years before becoming eligible for the Lapse Free discount.

 

Posted in premiums.