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 Attention Fellow Chamber Member: SIGNIFICANT CHANGES COMING TO EXPERIENCE RATING EFFECTIVE JULY 1, 2012 In an effort to provide stability of pricing, simplification, and ease of understanding, the Bureau of Workers’ Compensation (BWC) has announced two significant changes to the experience rating system effective July 1, 2012. The first change is a reduction in the maximum credibility table from 65% to 53%. This will provide stability to pricing of premium. Concurrently, the “Break-Even Factor” (BEF) that the BWC has been using to reduce the group rating savings is being rescinded. In the past, group rated employers could be placed in a group at a 65% discount; however, the premium discount would only reach 51% due to the Break-Even Factor. Creating one table for all employers will simplify the rating process and is also a 2% savings increase for employers who qualify for the maximum discount. Benefits 1 Group, your fellow Northern Ohio Area Chamber of Commerce member, is offering a free evaluation to determine whether you qualify for a group rating discount, assess your current premium rate and claim activity, and consult on your overall program. Benefits 1 Group has the NOACC Stamp of Approval. You’re in capable hands. Our highly trained professionals average 25+ years of experience. At Benefits 1 Group, you will find qualified and accessible experts with a passion for service, planning, and solutions. |
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No risk. No Obligation. To receive a free evaluation determining your possible premium savings, fill the AC-3 out online (temporary authorization only). Or, do one of the following:
Take a look at some of the services provided by Benefits 1 Group:
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| www.benefits1group.com | 877.765.4200 | 25001 Emery Road, #340 Cleveland, OH 44128 | |