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Advantages of ‘Pay-as-You-Go’ Workers’ Comp

By Zane Glover

Is there a solution to the high startup fees and yearly audit surprises of traditional workers comp? We had a new payroll client come to us recently dreading their upcoming workers comp audit and fee adjustment, we hear these complaints quite often. Fortunately there is a solution to these annoying yearly audits that result in high catch up premiums: Pay-As-You-Go Workers Compensation. With pay-as-you-go one does not have to make a large, down payment up front. The business owner can purchase a policy with little money down, and then pay the premium in smaller amounts over the course of the year. Pay-As-You-Go Workers comp premiums are deducted with payroll, the amount is automatically sent via ACH, no more check writing. Premiums are based on your actual payroll, not projected annual payroll. This can help protect one from audit exposure, because your premium is based on real-time payroll wages, not an estimate. Traditional Workers’ Comp: Unexpected audit surprises, Large down payments, Overpaying for Workers’ Comp, Checks to write. Pay As You Go Workers’ Comp: Pay premiums based on actual payroll, Eliminate or reduce up fron charges, Manage cash flow and operating expenses, Have 24/7 access to view all premiums, Pay premiums electronically via ACH.

The post Advantages of ‘Pay-as-You-Go’ Workers’ Comp appeared first on BizWest.

Source:: BizWest

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