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How to Save on Workers’ Comp | Tax Tip of the Week | No. 133 February 15, 2012

Posted by bradstreetblogger in : Tax Tip, Taxes, Taxes, Uncategorized , trackback

Ohio’s Workers’ Compensation

For businesses that have workers in the state of Ohio, Workers’ Compensation (OBWC) premiums can be a sizable, but necessary, expense.  What can you do to help reduce costs in this area?

Ohio’s Group Rating Program:  The maximum group rating discount can save you up to 53% of your premium beginning in July 2012.  This is great news, as the maximum discount for the fiscal year July 2011- June 2012 was 51%.  If you are currently in a group, you should have recently received renewal forms to return to remain in that group.  If you are not currently in a group, and are a private employer, you have until the last day of February to enroll for the period beginning July 1, 2012.  Rates for group membership can vary, but the maximum savings will not differ.

Other Program Options: OBWC also offers discounts related to various programs.  A new program option called “Destination: Excellence” will be available beginning July 1, 2012 and will offer additional financial rebates and premium discounts to employers who meet claims management and safety related goals.

Call us if you are interested in keeping your workers’ compensation premiums to a minimum and want to make sure you are getting all of the discounts available to you.

This week’s author – Linda Johannes, CPA

You can contact us in Dayton at 937-436-3133 and in Xenia at 937-372-3504.  Or visit our website.

Rick Prewitt – the guy behind TTW

Tax Tip of the Week Video Series:

http://youtu.be/BlhqUiVEsJo

…until next week.

 

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