PRISM requires that you provide your actual payroll for the year you previously reported an estimated number. The premium for the PRISM Workers’ Compensation program is adjusted at the end of the year based on actual payroll during the coverage period. Your entity paid a deposit premium at the beginning of the 2023/24 year, which was calculated based on estimated payroll. We are now requesting your actual payroll for the period so the final premium adjustment can be made.
Please follow the payroll reporting instructions carefully. Our excess carriers place a lot of emphasis on making sure the payroll being reported is accurate. It is unlikely they will accept changes or corrections later. Don’t forget to include payroll for any other entities you are covering as named covered parties (i.e. courts, affiliated districts, etc.). If you aren’t sure, please refer to your 2023/24 coverage documents.
Below you will find some Frequently Asked Questions. Please use this information to see if you are able to answer any questions that you may have. However, if you find you still need more clarification, please do not hesitate to contact the PRISM Underwriting team, underwriting@prismrisk.gov if you have any additional questions or need further assistance.
Q. What happens if your actual payroll is lower than originally estimated?
A. Your entity will be receiving a return premium. Return premiums can be applied as a credit on next year’s premium invoice, a check payable to your entity, or the funds can be deposited into your Risk Management Subsidy Fund. Please choose how you would like your credit applied from the dropdown choices in the yellow highlighted cell after you have inputted your entity’s actual payroll. Once all the highlighted fields have been filled out, please email the completed spreadsheet back to us so we may process your decision.
Q. What happens if your actual payroll is higher than originally estimated?
A. The additional premium can be applied as an additional charge on next year’s premium invoice or you can choose to receive an invoice now so you can pay it in this fiscal year. Please choose how you would like to make your additional premium payment from the dropdown choices in the yellow highlighted cell after you have inputted your entity’s actual payroll. Once all the highlighted fields have been filled out, please email the completed spreadsheet back to us so we may process your decision.
Q. What should be included in the reported payroll?
A. We are requesting payroll information pursuant to directions provided by the Workers’ Compensation Insurance Rating Bureau. A link to the details of what should be reported is included in the attached spreadsheet. If you still aren’t sure, please contact the PRISM Underwriting Team at underwriting@prismrisk.gov.
Q. What if coverage wasn’t provided for the whole year (7/1/23 – 6/30/24)?
A. For any members where coverage was provided for a portion of the year, or coverage was extended to a named covered party for a portion of the year, you should report the payroll only for the period of coverage. The premium will be prorated according to the effective date. If your entity is a JPA and you added a member midâyear, only report payroll for that entity for the period of time that coverage was in place. For example, if the coverage effective date was 10/1/23, you should only report payroll for the period of 10/1/23 to 6/30/24.
Q. Can someone from my payroll department complete the form?
A. Your payroll department can certainly complete the form, but we are requesting that you review the information to make sure it is correct. We are requesting that the acknowledgement in the spreadsheet be completed by you to signify review and acceptance of the premium adjustment.