News and Updates
Category: Ohio Bwc EM Cap
Ohio BWC Update to Wrap Up 2023
Ohio Bureau of Workers’ Compensation will be rolling out several changes that will impact Ohio employers in 2024. We mentioned back in August that the way base rates are structured may be changing, which BWC has confirmed. It’s uncertain how this will impact the end premiums, but no big swings are anticipated. We’ll be keeping our clients informed about any major changes. The following rating elements will also be changing, with the potential to impact future premiums: • Deductible Factors • Individual Retro – minimum premium factors • Group Retro - loss development factors • Premium Size Credit – ranges and factors This is also a “wait and see” situation, as we don’t yet know exactly what changes BWC plans on making to these elements. Certificates of coverage will look different next year as well. They’ll now also list the employer’s MCO, any additional insureds, officers, who is eligible for elective coverage (such as owners), and NCCI codes and descriptions, in addition to the company’s address. As of now, if employers need to make a minor change or correct an error in a company’s policy name, they had to complete a specific form and fax or mail that form back to BWC. The only way this process could be made slower would be by carrier pigeon. Luckily, they’ve stepped int
