Instead of two or four chunks of premium, you can now pay every month or every two months which makes it easier to budget.
The payments will be about the same for each installment.
You can change the Estimated Annual Premium (EAP) amount up through March 2016 if your actual 7/1/15-6/30/16 payroll will be significantly different from the amount used to calculate the EAP. Call the Ohio Bureau of Workers’ Compensation at 800.644.6292 (800-OHIOBWC) or your local service office to have the premium payments adjusted.
The e-account you will use to make your payments will also enable you to get a lot of Ohio workers’ comp information which is on the website.
More installment payments mean more opportunities to pay late.
If you are late paying an installment, your coverage will lapse until your payment is received and verified by the BWC. If a claim occurs while your coverage is lapsed, then your company will have to pay all the claims costs dollar-for-dollar for the life of the claim. Don’t think you are in the clear if you get your coverage reinstated quickly, because claimants have two years from the date of injury to file a claim!
If your coverage lapses total 40 days or more within 12 months, your company will not be allowed to participate in discount/rebate programs like group rating, retrospective group rating, one claim or EM capping.