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State Representative Jim Buchy
Making Ohio
More Business Friendly and Improving Our Economy
Over the last 5 years the Ohio Bureau of Workers’ Compensation (BWC)
has made changes to help it evolve from a problem, to a leader in
economic development and job growth in Ohio. The growth is due to the
presence of all the ingredients of a strong economy including: sound
business decisions, a focus on safety and hard workers.
In recent years, the BWC has been responsible for many great things.
First, sound business decisions and higher than expected return on
investments, allowed BWC to provide $2 billion in rebates to both
public and private Ohio employers. Second, BWC invested in Ohio’s
workers and workplaces by tripling funding for safety grants and safety
research. Lastly, BWC reduced rates to the lowest in 30 years for
public employers and by 21.4% for private employers.
The BWC has made this drastic turn around, while lowering its premium
rates, with help from changes to its billing system. Most recently, the
Bureau has moved to prospective billing. Like most insurance companies,
in order to provide Ohio employers with more flexible payment
options. By making this move and collecting premiums in advance,
employers are benefiting from flexible payment options, seeing a
reduction in rates, and the BWC is providing a premium credit in order
to avoid a double billing.
Private employers are in the process of this transition now while
public employers will benefit from this switch when their policy year
beings January 1, 2016. These changes will also provide better customer
service and a better ability to detect fraud and non-compliance,
ultimately saving employers unnecessary costs.
The lowering of rates and flexibility in payments encourages Ohio
businesses to grow; and that growth of businesses, both big and small,
will put many Ohioans in our community back to work and may have a
positive impact on our economy.
These sound business decisions are helping to turn Ohio’s economy
around. Partnering these decisions with a focus on safe workplaces, and
a reinvestment in roads and infrastructure all ensure more efficiency
and dependability for people and businesses alike. Low energy costs and
affordable tax policies have coupled with efforts at the BWC to grow
business operations and jobs in Ohio.
Please give me your opinion on this topic and others in the news this
month by completing an online survey at tinyurl.com/buchyaugust2015
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