The Ohio Bureau of Workers’ Compensation (BWC) will send up to $1.5 billion in dividend payments to Ohio employers beginning later this month and in early November to help ease the financial pressures employers may be experiencing amid the coronavirus (COVID-19) pandemic. This dividend equals approximately 100% of the premiums paid in policy year 2019. Dividends like this, as well as previous ones, are possible because of strong investment returns on employer premiums, a declining number of claims each year, prudent fiscal management, and employers who work hard to improve workplace safety and reduce injury claims.
This is the second dividend of $1 billion or more since April and the third dividend since 2019. BWC anticipated providing a dividend next year, but they will issue one now to provide some immediate economic relief to employers amid the ongoing pandemic. As with past rebates, employers are free to spend the funds as they wish. For more information about the dividend, see BWC’s Dividend Q&A.
While workers’ compensation in Ohio is a monopolistic system, it continues to be an area where your commercial clients have been positively impacted by BWC’s repeated rebates the past seven years. We encourage you to continue to explore how you can become an advisor to your clients on their Ohio workers’ compensation needs by learning more about OIA’s Group Rating and Retro programs.
For questions, contact Carolyn Mangas at email@example.com.