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Ohio workers’ comp insurance law requires that businesses with even one employee provide workers’ compensation. Ohio is a monopolistic state, which means businesses have to buy this insurance from the state government, not from private companies.
While strict Ohio workers’ compensation laws are in place, small business owners can often get coverage in different ways to avoid paying too much for the insurance policy.
Some of the best ways to reduce your costs include:
Unlike most states where you can get a policy from an insurance company, in Ohio, all workers’ comp insurance is through the state fund.
The state fund will calculate the premiums based on your estimated annual payroll. Then you sign the papers and start the policy.
Each policy usually lasts for 12 months. After the term, the payroll is audited to determine whether you have overpaid or underpaid and get a refund or a bill for the difference.
Workers' comp coverage also protects employers from legal action. This means that if an employee sues your business because of a workplace injury, the insurance will cover the legal costs of the case.
The first is to use a state-administered fund. This is in place of a regular insurance company like most other states.
Businesses that use the state fund will pay premiums to the Bureau of Workers’ Compensation (BWC). When workers are injured, the BWC pays the benefits directly to those people.
Businesses who are large enough and who prefer not to use the state-funded program can choose to be self-insured. This means the business assumes all the risks of claims related to their employees' work injuries.
Self-insured employers pay benefits to the employees directly. However, not everyone can choose to be self-insured. There are many requirements for a business to become self-insured.
The Ohio Bureau of Workers' Compensation will try to recover unpaid premiums from businesses with even a single uncovered employee. In addition, employers who don’t purchase proper coverage will need to pay flat rate penalties of $30 for each unpaid premium and 15% of the amount for each month they were uninsured.
If an employer still does not cooperate, legal action can be taken against them in civil or criminal court. A non-compliant business can be used for penalties and premiums and may even be charged with theft or fraud.
A deceased worker’s children and spouse can receive death benefits in Ohio. If no dependents are present, only the funeral benefit is paid out. The maximum amount for the funeral benefit is $5,500.
On top of that, 67% of the average weekly wage can be provided. The minimum for this benefit is $475, and the maximum is $950 weekly.
Death benefits are at the state’s discretion, so there is no set time limit. The exception is if the spouse remarries or dies. Benefits can also end when a child reaches 19 (or 25 if they are a student.) Disabled children receive benefits for life or until the disability ends.
In most cases, Ohio workers’ comp settlements are a one-time lump sum. However, there are some situations where structured payments can be made. The settlement amount will depend on the exact circumstances of the claim.
In Ohio, you have one year from the date of the injury to file a workers’ compensation claim for benefits. This also applies when learning of a work-related condition. If you file later on, you may not be entitled to benefits.
Start by filling out a short online form about your business. We’ll use that info to get you an estimated quote. Then, one of our experienced agents will contact you to review the quote and make sure you are getting the absolutely lowest rate possible for your business. Once the quote is finalized, you’re ready to buy the policy - often with coverage starting that day!
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