Pay-As-You-Go Workers’ Comp Insurance
Pay-as-you-go workers’ compensation insurance is designed to smooth out the premium changes that occur during the year as employees come and go.
- Premium payments are made at the end of each payroll cycle and are based on the actual payroll cycle, so there’s no need for adjustments at the end of the policy year.
- Companies don’t have to deal with estimates and cash flow surprises.
- Companies don’t have to put down much money and can spread out payments over the course of the policy year.
- Required audits require little to no involvement by the employer. Since the policy is based on real-time payroll wages, the insurance carrier already has the information it needs.
- Pay-as-you-go insurance is available in a large majority of states.
Letting someone else do the work
Of course, no matter how simple the product is, you still have to spend time managing it. So consider the advantages of outsourcing your workers’ comp insurance administration, such as:
- Audit assistance. Even though pay-as-you-go audits may be simpler compared with conventional policies, it can still be a headache. A third-party can help you with this and work directly with the insurer to make sure you don’t pay more than you should.
- Calculation hassles offloaded. You may find that premiums are based on varying class codes, locations, overtime, rate of pay and a host of other variables unfamiliar to those outside the insurance industry. An outside insurance professional can do all these calculations for you.
- Deadline management. Meeting the myriad federal and state tax deadlines is already a headache. A third party can make sure you make all your premium deadlines.
- Consolidation of insurance. Depending on the kind of company you have, you may have other business insurance. A third party may be able to handle all your policies, giving you just one point of contact.
If you’re frustrated and overwhelmed by workers’ comp insurance, give us a call and we’ll be happy to help. You can easily reach out to us via phone at 772-466-0440 or by completing our quote form. We can’t wait to help.
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At Atlantic Payroll Partners, we have over 10 years experience, providing local businesses with quality solutions. We’re more than just a payroll company, we’re a PEO that provides HR Consulting, Workers’ Compensation, Employee Benefits, Accounting, and a variety of business and personal insurances.
Spotlight on Workers’ Compensation?
Did you know that not all Workers’ Compensation Insurance is the same?
That’s right, you can save money on workers’ comp by partnering with a PEO, like ours. You can save thousands, by not paying a workers’ comp audit.
How? By benefiting from pay-as-you-go workers compensation. Utilizing daily, accurate payroll data cuts out the costly mistakes that happen when you estimate your needs.
Interested in saving, start a quote here or call us at 772-466-0440. We’d love to hear from you.