The True-up period for the policy year 2021 is available now through August 15! The Bureau of Workers’ Compensation (BWC) determines employer premiums based on the amount of payroll (exposure) reported multiplied by a specific rate. At the beginning of each policy period, we’ll set an estimated annual premium (EAP) as follows.
- For a new employer, we’ll establish your estimated annual premium by using the 12-month payroll estimate you submitted on your application for workers’ compensation coverage.
- For an existing employer that had coverage before this policy period, we’ll establish your estimated annual premium by using the estimated payroll from the previous policy year.
At the end of the policy year, we must ensure the estimated premium we set for you was correct. To do this, you must file a true-up report that reflects the actual payroll for that policy year. You must complete the report online using the Payroll true-up report service offering.
If your true-up payroll exceeds the estimated payroll, you’ll owe an additional premium. If your true-up payroll is less than your estimated payroll, you’ll receive a premium credit.
Important: An employer must submit a payroll true-up report even if it has zero payroll.