Employers that are new to Ohio will have a novel way to reduce their overhead costs while paving the way for expanded job growth. The Ohio Bureau of Workers' Compensation (BWC) Board of Directors recently approved its job creation program, Grow Ohio.
Grow Ohio will provide employers new to Ohio on or after July 1, 2011, with two incentive options that could ultimately reduce premiums by as much as 51 percent.
The two options include:
• a 25 percent discount on workers’ compensation premiums or
• immediate participation in the Group Experience Rating Program
Previously there was a one-year waiting period for new employers after receipt of workers' compensation coverage to participate in the group rating program.
The goals of this new program are to encourage development activity in the state and signal to the business community around the country that Ohio is willing to be a risk-sharing collaborative partner in economic development and job creation.
For more information about initial plans for the creation of the Grow Ohio program, view Bricker & Eckler's August 29 publication, Grow Ohio: Newly Proposed Economic Development Initiative Reduces Up-Front Costs to Businesses.
