Earlier today, Ohio Gov. Mike DeWine announced the Bureau of Workers’ Compensation (BWC) will send up to $1.6 billion in dividends to Ohio employers to help ease the impact of the COVID-19 crisis.
This dividend will allot $1.4 billion to private employers and $200 million to local governments when approved by BWC’s board of directors.
BWC will begin sending dividend checks to employers later this month. This dividend marks the sixth time since 2013 the agency has returned at least $1 billion to employers following strong investment returns, falling injury claims and other operational efficiencies. As with past rebates, employers are free to spend the funds as they wish.
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.
Reprinted from Ohio Insurance Agents Association