It’s time to stop overpaying for your workers comp policy, and pay only what is needed.
Eliminating up-front costs and outdated payment methods are two of the biggest reasons businesses are turning to pay-as-you-go for workers comp insurance.
Pay-as-you-go (PAYG) workers comp is a great alternative to traditional workers comp policies. Here is why:
• There are no down payments to get started.
• Premiums are based on real-time payroll, making them more accurate.
• Year-end audits are simplified, and usually little to no money is due at the end of the period.
With PAYG workers comp, you can help improve your company’s cash flow which is especially important during these uncertain times. Without large down payments or unexpected year-end balances due*, you can allocate funds to where they matter most.
How can I get a Pay As You Go Workers Compensation Plan?
Check with your payroll provider to see if they offer pay-as-you-go workers comp insurance. With PAYG workers comp, you can work with your existing payroll service provider and/or tax administrator to pay a single bill each pay period by combining your workers’ compensation premium with your payroll.
Not all insurance companies offer, and not all payroll providers will support a pay-as-you-go workers comp premium payment option. If your payroll provider does not offer this option, you may want to convert to one that does.
To qualify for PAYG workers compensation, you should:
• Have one employee (not an independent contractor) other than yourself.
• Run consistent payrolls. If you are a company who runs payroll sporadically, this may not be a good fit.
• Speak with a licensed insurance specialist to determine your full eligibility.
Ready to save money while keeping your company and employees protected with workers comp insurance? Contact us today
for a free quote.
*Each policy is different. Not all PAYG customers have a $0 year-end balance. Results may vary.