Frequently Asked Questions About the Grow Ohio Incentive Program
If you have just moved your business to Ohio or are starting a new business in Ohio, you will need to obtain workers' compensation insurance. This is a legal requirement for every business that employs at least one or more employees. To keep workers' compensation insurance rates low and to help fuel the growth of new business in the state of Ohio, the Grow Ohio Incentive Program was implemented in 2011. As a business, you may have many questions about what this program is and how it may affect you. Here are a few frequently asked questions about the Grow Ohio Incentive Program.
What is the Grow Ohio Incentive Program?
The Grow Ohio Incentive Program is a program that was created by the Bureau of Workers' Compensation in Ohio in 2011. The program allows those who have started or moved their business into Ohio and employs at least one or more individuals who reside in Ohio to obtain a discount on their workers' compensation insurance. The program allows new employers to either join a group-experience-rating program under a sponsor and receive a premium discount of up to 53 percent, depending on the rating. The other option is an automatic 25 percent discount on premiums.
What are the Benefits of the Grow Ohio Incentive Program?
The biggest benefit to the Grow Ohio Incentive Program is that it helps employers set up a business in the state of Ohio. Purchasing workers' compensation insurance can be expensive. As such, many individuals may decline to open a business or employ outside employees because they don't want to pay these premiums. Offering a substantial discount entices family-owned businesses to hire employees or other businesses to set up shop in Ohio to receive the discount.
How Long Does the Grow Ohio Incentive Program Last?
The initial workers' compensation discount lasts for up to three years. After three years, the discount can be extended indefinitely as long as the employer maintains good standing with the Bureau of Workers' Compensation in Ohio. This is done by staying current on all payments, fines, and fees and not having their insurance coverage lapse. In addition to this, all employers who wish to keep their discount are required to take a two-hour safety training course offered by the Bureau of Workers' Compensation in Ohio.
The Grow Ohio Incentive Program is one of the ways that you can receive a discount on your workers' compensation insurance. Minimizing the number of claims you have to file and keeping your employees safe is another way to decrease your premiums. If you, as an employer, feel that one of your employees is taking advantage of the workers' compensation system, you may need a workers' compensation defense attorney to help defend you against the frivolous charges and keep your insurance rates as low as possible moving forward. Here at Dawson & Associates LLC, we can help you with workers' compensation defenses. Contact us today to discuss your case with us.