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What is a premium security deposit?

deposit Premium security
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What is a premium security deposit?

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Employers are billed a security deposit based upon the amount of estimated payroll, and based on the employers coverage classification that BWC assigns. The maximum deposit is $1000, it is refundable and or applied to any outstanding balances when the business is terminated.

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15A. The initial deposit ranges from $10.00 to $1,000.00, depending on the estimated payroll entered on the Application For Coverage. An annual evaluation is conducted based on the prior year’s actual payroll. An adjustment is then completed to reduce or increase the required deposit (not to exceed the minimum $10.00 or maximum $1,000.00).

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