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Benefits of Pay as You Go Workers Compensation Insurance Option



Benefits of Pay as You Go Workers Compensation Insurance Option

Workers’ compensation insurance is a requirement for most business owners, but it’s something that often brings with it a large amount of stress. Sure, you want to protect your employees in the event of a workplace injury, but you also want to ensure that you’re not overpaying or underpaying for insurance, which could result in finance charges or a big bill at the end of the year. At Payroll Medics, we’re proud to offer our pay-as-you-go workers’ compensation insurance option which allows you to more easily budget based on exact payroll data.

What is Pay-As-You-Go Workers’ Compensation Insurance? 

Typically with workers’ compensation insurance you pay premiums every month, quarter or once a year. The problem with this approach is that it’s difficult to know whether you’ve paid enough or too much in terms of premiums. With our pay-as-you-go option, your premium is collected each payroll period based on your payroll data. This means that you always are paying exactly what you owe and shouldn’t have to worry about any surprises at the end of the year.

Additionally traditional workers’ compensation insurance providers will require a hefty down payment and charge you finance charges if you underpay your premiums, even if you were doing your best to project the amount of workers’ compensation insurance you needed throughout the year.

Thanks to our pay-as-you-go option there literally is no guess work. You simply pay what you owe based on each period’s payroll data and then you can rest easy knowing that have adequate workers’ compensation insurance in the event that one of your employees is injured on the job.

Improve Cash Flow with Pay-As-You-Go Workers’ Compensation Insurance

No one likes to have to write a large check at year end to make up for underpaid insurance premiums. With our pay-as-you-go option, you won’t have to worry about cash flow issues at the end of the year, because you will have already paid what you owe throughout the year based on accurate payroll data. You’ll never have to worry again about surprise workers’ compensation insurance audits that oftentimes result in you having to write a check for a big dollar amount for underpaid premiums.

Partner with Payroll Medics to Handle All Your Workers’ Compensation Insurance Needs 

At Payroll Medics, we partner with several “A rated” workers’ compensation carriers to offer you the most convenience and cost effective insurance options. We’re always committed to going above and beyond for each of our clients, which is why we’re so excited about this pay-as-you-go option for workers’ compensation insurance. To learn more feel free to contact us today at (864) 640-8981.

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