Pay As You Go
Workers' Compensation
Eliminate the Burden of Workers' Compensation
Workers’ Compensation should be an expense the employer can budget for. A Pay As You Go insurance program can make payment for work comp insurance easier for the employer.
How Does Pay As You Go Work?
Continue running payroll as usual. This will ensure employee count and wage data is up to date.
Premium is then calculated each payroll cycle
The amount owed is deducted and sent to the insurance company
Large lump sum payments are eliminated, making workers’ compensation an expense the employer can budget.
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PAYGO Workers’ Comp Benefits:
In a Pay As You Go Workers’ Compensation program, there are various benefits for the employer.
- Eliminating or greatly reducing the down payments
- Eliminating premium financing
- Eliminating checks to write
- Reducing premium audit risk
- Reduced premium adjustments when premium audits do occur
- Improved cash flow by adjusting premiums to payroll changes
- Possible lower overall cost of work comp coverages