Under the workers compensation system, employers are required to report their payroll information to the Workers Compensation Board (WCB) for the calculation of premiums for coverage for workplace injuries and illnesses, and to pay the premiums that are due. The sound financial management of the workers compensation system depends on employers paying premiums in a timely manner. The WCB will establish an assessment account for any employer, business or independent contractor who is required to have mandatory coverage, or requests to have optional or personal coverage, or any combination of these coverage types. Employers submit payroll information to the WCB annually as outlined in Policy 35.05.10, Reporting and Verifying Payroll. For employers in Class E (the General Body of Employers), an employer's premium is calculated using the workers' payroll figures multiplied by an assessment rate, as established by Policy 31.05.05, Rate Setting Model for Class E Employers. Once an employer's premium is calculated, the WCB sends a notice of the premium due. The purpose of this policy is to describe the process for paying premiums and the consequences of late payment or failure to pay.