CompManagement

Save on your workers’ compensation premiums

COMPMANAGEMENT 7 2014

OSCPA members and their businesses save on workers’ compensation premiums with CompManagement.  If you pay into the Ohio BWC for workers’ compensation premiums, we have savings programs and cost containment strategies for you.

Who is CompManagement?

CompManagement is OSCPA’s program administrator and the leading third party administrator for workers’ compensation in Ohio, representing nearly 30,000 employers in virtually every industry classification from large corporations to small family-owned businesses. CompManagement clients have saved over $2.3 billion in workers’ compensation premiums since 1991.

Services include:

 

It is recommended that all state funded employers annually review the alternative rating/premium discount programs available through The Ohio Society of CPAs’ program which CompManagement administers.  Members may utilize the expertise of CompManagement’s colleagues to review their policy and determine the programs that may garner the most savings while keeping in mind their risk tolerance.  Major discount programs include:

 

  • Group Rating - Employers with better than average claim histories join together through a sponsoring organization for the purpose of being rated as a larger employer thus gaining the ability to receive a much lower premium. Programs administered by CompManagement have produced over $2.2 billion in savings since the inception of the program in 1991.  Learn more about the safety services expectations you should have as an employer enrolled in a group-rating program.
  • Group Retrospective Rating - Participants have the opportunity to receive retrospective premium refunds at the end of the three evaluation periods if claim costs are kept below a predetermined amount.  CompManagement administers programs for a variety of business segments such as cities, school districts, counties, healthcare, manufacturing, construction, transportation, retail and service. Nearly $85 million has been earned by participants since implementation in 2009. 
  • Self Insurance - An employer administers their own workers’ compensation claims and does not pay premiums into the state insurance fund. CompManagement in conjunction with their parent, Sedgwick, has the privilege of providing self-insurance program services to 1 out of every 5 Ohio self-insured employers.
  • Grow Ohio – New employers entering the state of Ohio have the opportunity to select a premium discount option to be applied to their annual workers' compensation premium. Download this flyer from CompManagement for more information and see how your organization could qualify for a group rating program and receive a premium discount effective on the first day of coverage.
  • 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).

     

    For more information on all of the alternative rating / premium discount programs, click here.

     

    Why request a quote?

    CompManagement offers a free, no-obligation evaluation to assist with your annual due diligence to compare discount opportunities and fees.  This is an opportunity to compare TPA services and receive valuable account information including rating options, premium estimate and claims history.  CompManagement’s experts will offer suggestions for participation in programs that can be stacked together to maximize your savings. 

     

    3 easy ways to complete your request for a free evaluation/quote:

    • Online Now
    • Call CompManagement’s Customer Support Unit at 800.825.6755, option 3
    • Print the AC-3 Ohio BWC Temporary Authorization to Review Information form and mail and/or fax to the address/number on the form.

       

      Why CompManagement?

  • Savings – Over $120 million annually saved for their clients in workers’ compensation premium paid.
  • Expertise - Management team averages 23 years industry experience; operations team averages 17 years.
  • Lower Rates – Clients average experience modifier is 40% below base; industry average is 13% below base.
  • Service - 96% client retention rate creating a model of service excellence through partnership & consultation.
  • Top Tier Discounts - More clients qualify for group rating discounts between 50-53% than those of any other larger TPA
  • Program Enrollment – More clients participate in discount programs than those of any other larger TPA

 

CompManagement resources

  • Client Education Program - A comprehensive program for current clients of CompManagement covering a variety of topics within the workers' compensation and unemployment compensation industries 
  • Online Training - A powerful, web-based tool that enables organizations to efficiently train any number of employees through self-paced courses.
  • Safety Academy – CompManagement’s Safety Academy courses provide you with compliance programs to meet OSHA's core regulatory standards, while equipping you with the tools to reduce occupational incidents and eliminate potential physical hazards.To view the current sessions available and register to attend, click here.
  • Stay Connected – Connect with CompManagement to stay current on all the latest news and information


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Safety first

CompManagement provides a monthly safety feature to provide valuable insight on how you can create a safer environment in your workplace and ultimately avoid costly workers’ compensation costs.

Resources from BWC