Group-Rated Workers' Compensation
Enjoy the advantages of group rating for your workers’ compensation costs through a special benefit available to our Chamber members.
Group rating enables small to medium-sized employers with better-than-average claim histories to combine claim expenses and rate calculations, taking advantage of premium savings currently reserved for larger employers. By participating in group rating, organizations enjoy a much lower premium than could be attained on their own. Savings generally range from 15 percent to the maximum discount allowed by the Ohio Bureau of Workers’ Compensation each year.
Recognized as the industry leader in Ohio, CompManagement is the third-party administrator for workers’ compensation for the Worthington Area Chamber of Commerce. Founded in Ohio in 1984, CompManagement is a privately held organization with headquarters in Dublin. Services include claims management, cost containment strategies, client education, coordination of ancillary services, safety consultation, customized reporting, industrial commission hearing representation, manual classification review and premium savings opportunities.
It’s recommended that you review your workers’ compensation costs annually. Chamber members may rely on the expertise of CompManagement’s colleagues to review your policy and recommend strategies that may garner the most savings while keeping in mind your risk tolerance.
In addition to group rating, programs include:
Group Retrospective Rating
If your organization is not eligible for participation in a Group Rating program, you may be able to qualify for Group Retrospective Rating -- another alternative rating program that assists employers with controlling and reducing their workers’ compensation premium. The program is designed to reward participants who are able to keep claim costs below a predetermined amount. Employers join together as a group; however, each continues to pay their own individual premium to the Bureau of Workers’ Compensation. At the end of each of the three evaluation periods, each employer has an opportunity to receive retrospective premium adjustments based on the combined performance of the group. Employers who are committed to improving workplace safety and accident prevention should investigate this program further as an additional savings tool.
Other Alternative Rating Programs
CompManagement also encourages all members to look at program discount/rebate stacking options when participating in either Group Rating or Group Retrospective Rating. When participating in Group Rating, consider adding on Drug Free Safety (4-7 percent), Industry Specific Safety (3 percent), Transitional Work (up to 10 percent bonus) and Safety Council performance rebate (2 percent). Group Retrospective Rating participants should consider stacking on the Safety Council participation rebate (2 percent). Whether participating in Group Rating or Group Retrospective Rating, additional discounts can be added such as Lapse Free (1 percent) and Go Green (1 percent).
To explore your options through the Worthington Area Chamber of Commerce and CompManagement, click here for a free, no-obligation analysis. You may also contact CompManagement’s Customer Support Unit at (800) 825-6755, option 3.