The Bureau of Workers’ Compensation (BWC) closes its current policy year on June 30. The 2022/23 policy year begins July 1. Juliet Walker, managing director of OMA Workers’ Compensation Services, advises state-fund employers as follows:
The first installment for the new policy year will be billed on May 27, and payment is due by June 21.
Employers can earn a 2% early payment discount by paying their full estimated premium by July 1. Employers cannot deduct the discount when they submit their payment. (Also, don’t submit payment for the first installment until receiving an invoice.)
Employers that have not already received their 2022/23 BWC certificate of coverage and installment schedule should contact the BWC.
Employers should verify that the estimated payroll used to establish their 2022/23 premium is accurate. (The BWC uses an estimate of payroll; if it’s too low, the additional amount needed to true-up the policy at year-end could be sizeable.)