Monthly Workers' Comp Reporting

Workers Compensation Shop.com offers easy self monthly reporting programs for employers in most states. Monthly reporting programs allow employers to report their payroll and make accurate monthly payments directly to the insurance company.

Our self monthly reporting workers compensation program is designed to allow workers' comp premium to be paid based on actual payroll instead of estimated payroll. With traditional work comp insurance, the deposit and installments are based off of estimated annual payroll figures. Discrepancies between estimated and actual payroll are not uncovered until a year end audit is performed.

Monthly reporting is similar to Pay As You Go Workers compensation accept that business owner only make premium payments once a month as opposed to each pay period. Additionally, employers do the report calculation on their own each month instead of relying on payroll deductions via software.

How Self-Monthly Reporting Programs Work?

An employer gets a standard workers' compensation quote based on the estimated payroll wages and workers comp class codes. See the example quote below:

Once the business binds the policy and puts a small deposit down the insurance company changes the billing from an installment plan to a reporting plan. Employers then receive a monthly report worksheet needed to calculate and make the premium payments. Simply complete the worksheet and submit along with premium payments at the end of each month like the example below:

At the end of the policy period a final audit is likely to be completed in order to ensure that the payroll reported each month matches with the insured's annual and/or quarterly payroll reports and to verify that no employees were misclassified into an incorrect class code. In most instances payroll should be a match and no additional audit premium will be due to the insurance company.

Most of our carriers that offer self-monthly reporting programs enjoy a higher client retention rate and the monthly reporting program perpetuates with each renewal policies for the business. If the policy is cancelled, the insurance company will return the deposit premium held in escrow.

Our self monthly reporting programs are great for companies with medium to high premiums, fluctuating payroll, and relatively consistent worker comp class codes. Our Pay As You Go and Payroll + Workers Comp programs may be a better solutions for multi-state businesses with multiple workers compensation class codes.