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How Pay As You Go Workers' Comp Helps Your Business?
Most businesses qualify for Pay As You Go coverage with one or more of our insurance companies. Typically, businesses with at least two employees and an annual premium greater than $750.00 are eligible for one or mre of our programs. As the national leader in Pay As You Go work comp, we're appointed with over 45 insurance carriers. Currently, more than 15 of our partners offer Pay As You Go payment options.
Our agency offers exclusive Pay As You Go insurance programs that make it easier and faster than ever to qualify for one of our Pay As You Go plans. We provide direct Pay As You Go options for employers and we also partner with payroll service bureaus across the country. We've been the national leader in Pay by pay workers' compensation since 2005.
We send payroll data and premium directly to our insurance companies at the end of each month so the process is seamless regardless of which insurance company you work with or where you processes your payroll. We can accept any standard payroll report or you can enter the amount of payroll per class code. We can process every pay period or right after the end of each month.
Our Direct Pay As You Go program provides all the advantages of payroll and workers' compensation insurance, without having to outsourcing your payroll or feel stuck with a processor because of your coverage. We make sure your employees are assigned the correct class codes and provide you with your "Net Billing Rates" for each class code applicable to your business. Net Billing Rates are typically different than the manual rates. Net rates combine all policy credits and debits into the "actual" rate per charged class code.
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Understanding Workers' Comp Rates
At the end of each pay period (or month,) Customers either send us a payroll summary report from their software, complete a simple pre-filled payroll worksheet, or log in and submit their payroll info directly to the carrier. Once you report, the agency will electronically debit the current premium due based on the Net Bill Rates.
Our accounting staff reconciles all direct Pay by pay reports and transfers workers' compensation premium to our insurance companies at the end of each month, based on actual payroll data. No money down workers' comp insurance. Better cash flow. No large audit bills.
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Many businesses prefer to combine Pay As You Go workers' compensation with their payroll and tax administration services. That's why we partner with payroll service companies across the county. We offer easy access to the most affordable Pay As You Go workers' comp companies. Our process is easy to integrate with most payroll service companies for the ultimate ease and convenience.
If you're currently outsourcing your payroll we're happy to work with your provider to set-up Pay by pay for your business. If you want to see how much workers comp and payroll outsourcing costs, ask one of our Specialists about our integrated solutions for payroll service providers and workers' compensation.
Qualifying for Pay As You Go is easy. Contact one of our Workers Compensation Specialists today at 888-611-7467 to see if your business is eligible, or start your quote online and we'll shop your coverage with all of our Pay As You Go partners. We can even shop other insurance companies to make sure you get the very best price.
We offer access to our Direct Pay As You Go program and we work with payroll services providers to combine Pay As You Go with any payroll service you work with. We can integrate our program with any payroll provider willing to track payroll per class code and provide us with a monthly report. Providers can manage premium deductions or let our accounting department manage premium collection.
Workers' Compensation Shop is a national insurance agency and broker. We work with thousands of employers, payroll companies, and other licensed insurance agents around the U.S. In many cases,
AmTrust PAYO
Markel PayGo Reporting
Hartford XactPay
Employers PrecisePay
Markel Pay As You Go
Amerisafe Self-Reporting
Travelers TravPay
Normandy PayGo
Liberty Mutual Your Way Pay
UBIC Pay As You Go
Pay As You Go workers' comp insurance is becoming more popular with business owners because it help take the guess work out of estimating your annual payroll. Just a few years ago, a business could only get workers' compensation coverage the old fashion way. Employers would have to estimated their annual payroll and then puy 25% down as their workers' comp premium deposit. This was typically followed by monthly installments for the next 6 months. A business would have paid their entire premium during the first 7 months of coverage.
When you consider the negative affect of this old school payment method on cash flow, its easy to see that its an inefficient way to buy workers' compensation for most employers. The problem with putting 25% or more down and paying your policy over the first few months of the year is that it creates a negative effect on your operating cash. Since most employers earn revenue throughout the entire year, it makes more sense to pay insurance premiums over the course of the entire year.
The bigger the premium, the bigger the advantage of Pay As You Go insurance. Rather than guessing the annual payroll for business insurance, pay-as-you-go uses your real-time payroll calculations to bill for coverage. You make more accurate workers comp payments which reduces the chance of over-paying for coverage throughout the year.
If you're a smaller employer with inexpensive classification codes such as clerical, office, or a small retail businesses, your cashflow may not suffer because your premiums are a thousand dollars or so. But when it comes to $5,000, $10,000 and higher premiums, putting 25% down and paying the entire balance over the next 4-6 months can wreak havoc on your cash flow.
We've been the market leader in Pay As You Go workers' compensation since we started in 2005. We continue to work with insurance companies to develop new models and to improve the pay-as-you-go experience. Pay As You Go is simply a better way to manage coverage.
See if your business qualifies for better cash flow with Pay as You Go Workers' Compensation
Direct PayGo for Business Owners
Easy Pay As You Go workers' comp for employers who process their own payroll or use a provider without PayGo. No premium requirements, easier underwriting, and fast quotes.
Outsource your payroll to one of payroll partners near your or ask us to work with your current provider.
Pay As You Go workers' compensation programs for payroll service. We offer the most options in the country and manage the back-office administration.
National Broker Services
Tired of ADP and Paychex taking your business with an agent of record letter? Offer our Pay As You Go workers' comp services to your customers.
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