Watch for the annual letter from the BWC advising of your Estimated Annual Premium (EAP). The last page is your coverage certificate, which you must post with your other employment posters.
Page 3 is the information personalized to your company. Review the Installment schedule. Would your cash flow be better with more or fewer installments? If you pay the entire year’s premium before July 1, the BWC will credit you 2% of the premium, which will be applied after you complete your True up by August 15.**
To change your payment frequency: Log onto the BWC website and from the My Policy page, select Premium Installment Schedule and use the Update link to make the change.
Review the payroll estimated for each Class code. If you need changes, notify your Employer Services Specialist (ESS) listed on the My Policy page so you don’t overpay or underpay your premium.
** SECRET TIP Even if you don’t officially change your installment schedule, you can still pay the full premium & get the 2% rebate simply by paying the entire amount before July 1.