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and outdated payment methods are two of the biggest reasons businesses are turning to pay-as-you-go for workers comp insurance.
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.