This month, Ohio employers in good standing with the Bureau of Workers’ Compensation will be mailed a check for 88% of their premium from the 7/1/17 policy year. If the employer owes a premium installment payment on October 21, the installment will be deducted from the refund. Here are 3 ideas on how to use this money to benefit your business.
1) Use the refund to pay off the balance of this year’s premium. This will eliminate the possibility of lapsing your coverage if an installment payment is late. Then set aside the monies you would have paid in installments so next June you can pay your premium in full and get the 2% discount.
2) Use the refund to purchase safety equipment to avoid injuries to your employees. When you participate in the Safety Grant program, you pay the full amount for the equipment and then the BWC reimburses your company $3.00 for every $1.00 you spend for approved safety equipment.
3) Continue to pay your installments and save the refund. Use it to pay your premium in full next June to get the 2% discount.