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InsurePay features a cutting-edge Pay As You Go Workers’ Compensation and Insurance Premium Calculation system.

Traditional workers’ compensation insurance premiums are paid 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.

InsurePay premiums are paid based on actual payroll figures provided by a certified Payroll Processor or submitted directly to InsurePay via a secure login and approved reports. InsurePay offers policyholders the ability to monitor their workers’ compensation premiums like never before. By offering a transparent view into the policies, we are able to provide peace of mind to our clients.

InsurePay demonstrates comparisons between the estimated premium and the actual earned or owed premium in real time.

InsurePay is part of the InsureLinx system.