Deposits

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Workers compensation coverage begins with the inception of the policy, however you will not report payroll or pay premium on that payroll until the end of your reporting period.  Deposits are required to secure the payment of premium not yet collected.

Deposits cannot be used to pay premium during the policy year.

Deposits are adjusted each year at renewal based on the estimated annual premium for the new policy period.  Estimated annual premium for the new policy period will be based on the payroll reported the previous year and the rates for the upcoming year.

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