Premium installment & true-up reporting for private employers | Sedgwick

Member Insights by Sedgwick

Employers must pay premiums timely to the Ohio Bureau of Workers’ Compensation (BWC) to receive and maintain workers’ compensation coverage.

Through the year, employers have been making premium installment payments based on estimated payroll. As we near the conclusion of the 2022 policy year (July 1, 2022 through June 30, 2023), BWC will be requiring all employers to reconcile (“true-up”) the payroll that was used to estimate their premium with their actual payroll for the policy year.

Important reminders

BWC mailed 2023 estimated annual premium notices along with your installment schedule around May 1, 2023.

• If you expect your payroll to change during the 2023 rating year from the estimate provided, you can call BWC at 800-644-6292 and request a change to your payroll and installment schedule.
• Failure to make installment payments based on the installment schedule can result in lapses in coverage, therefore make sure installment payments are paid by the due dates as noted on the installment schedule. The first installment payment will be due by mid/late June 2023.

BWC will mail notices regarding the July 1, 2022 through June 30, 2023 true-up around July 1, 2023. True-up reporting and payment is due by August 15, 2023.

• Failure to true-up and pay any additional premium will result in your policy being removed from all discount and rebate programs and it will remain ineligible for discounts and rebate in future years.

If you have any questions regarding premium installments or the true-up process, contact our Sedgwick program manager, Cordell Walton, at 614.827.0398.