Virtually all states require businesses with W-2 employees to have workers compensation coverage. Carriers offer a variety of methods for paying for workers’ comp premiums, with most requiring a hefty down payment and additional payments throughout the year. At year-end, if your company grew and didn’t report changes, your carrier will audit you and send you a large bill for unpaid, owed premiums. A pay as you go workers comp option simplifies the process, automatically withdrawing premiums from your account based on actual (not estimated) payroll information throughout the policy year.
Pay-as-you-go flows easily and can adapt if your company shrinks or grows. It takes away the hassle of an unexpected bill and ultimately saves a hefty amount of money.
Benefits Of Pay As You Go Workers Compensation
Not only does a pay as you go workers comp option eliminate the need for hefty upfront payments, it significantly reduces your organization’s risk for year-end audits — and removes the risk of a large, unplanned large bill from your insurance carrier. Why base your liability on grasping straws? Pay as you go workers compensation bases premiums on the actual reality. Companies pay what they need to, and not any amount over that. Money can be saved with this option, and companies can pay the accurate liability amount.
Where We Can Help
We will first market your coverage to all the major carriers to ensure it is correct and competitive. Once the coverage has been confirmed, our team will assist you with payroll integration to ensure that premiums are paid effortlessly and automatically.
We provide solutions that work for our clients. New City Insurance offers options that:
- Reduce Audit Risk
- Spread Payments Out
- Pay On Time Each Month
- Stay Competitive
By utilizing these unique pay as you go workers comp options, companies put themselves at an advantage. Traditionally, when workers compensation is paid, it is paid in a lump sum. With pay-as-you-go, payments are more concise and can save companies money. There is less financial strain, and this solution is easily adaptable if your workforce grows or shrinks. Since the payments are automated with each payroll, the workers compensation premiums will easily be accounted for each time. Gone are the days of forgotten payments, pay-as-you-go ensures you never miss a premium.
Protect With New City Insurance
The protection of your employees should never come as a second option. The health and safety of the worker is imperative to a business running. In order to protect your hardworking workforce, companies can purchase pay as you go workers comp. This type of coverage will protect employees, while not causing the company to pay more than needed. The workers comp payments are automated, thus making it an overall easier process for both employers and employees.
Companies who are looking for an easier experience with workers compensation can look no further than New City Insurance. We are a talented team of insurance agents who provide the best possible solutions to our clients. If you’re ready to simplify your workers compensation payments, reach out today. You can reach us by calling 888.210.2759, or by requesting a consultation online.