InsurePay features a cutting-Edge Pay As You Go Workers Compensation and Insurance Premium Calculation system. Today workers’ compensation insurance premiums are based on estimated payroll figures determined prior to the policy period. In other words, premiums are based on a “best guess” approach without regard to seasonal fluctuations, industry down turns or other unforeseeable events. The premium remains constant throughout the policy period excluding experience modifications or rate changes caused by uncommon anniversary rating dates. Premiums are reconciled or “trued up” after the Final Premium Audit is performed either directly by the insuring carrier or a third party auditing firm. The Final Premium Audit or FPA most often results in additional premium owed to the carrier.
In many cases unexpected or surprise payables do not sit well with Owners or Chief Financial Officers and unforeseen business expenses are troubling to business owners.
Tomorrow using InsurePay, premiums are paid based on actual payroll figures provided by an authorized Payroll Bureau or submitted directly to InsurePay via a secure login. InsurePay's unique system allows insureds to monitor their workers’ compensation premiums like never before.
Many payroll companies provide reports which demonstrate the calculations for a given payroll cycle but do not compare or track the premiums during the policy period.
InsurePay actually compares the estimated premium to theactual earned or owed premium in real time.
InsurePay is part of the InsureLinx system. Visit now and find out more:
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