Insurance Services

As a small business owner, your to-do list is long enough. Between the upfront lump-sum payments and messy annual audits, there is probably not much room for worrying about workers’ comp.

That is what makes Pay As You Go (PAYG) workers’ comp so great. It is easy, automated, and accurate. Pay As You Go reduces the inaccuracies of up-front payroll estimates that lead to expensive surprises. It provides all the insurance coverage, compliance, and confidence of a traditional workers’ comp insurance policy while reducing the stress on your business and providing extra cash flow.

It was hard to pick just a few, but here are the top 4 benefits of having a PAYG workers’ comp policy:

1. Improved cash flow. PAYG enables you to pay accurate premiums because they are based on your actual payroll each time you run it. So, there is no down payment or deposit like you would pay with a traditional workers’ comp policy. Instead, your payments are spread throughout the course of the year, creating a healthier cash flow for your business.

2. Easy, automated and accurate. PAYG connects directly to your real-time payroll data every time you run payroll. Premiums become a series of regular payments that are automatically and accurately calculated alongside your business’s payroll schedule – whether that is biweekly or monthly, etc. This automation will save you time so you can focus on your priorities.

3. No year-end headaches. With Pay As You Go, your end-of-year workers’ comp audits become a breeze. In most cases, there will not be an annoying, time-consuming audit to true-up your workers’ comp premium. Because your premium was based on your actual payroll during the year, you mitigate the need for a painful audit. There is no overpaying or underpaying, and your cash flow will not take a year-end hit.

4. Staying compliant. Each state has its own workers’ comp laws, so it is important to ensure that you have appropriate coverage wherever you have employees to stay compliant. A licensed agent can help figure out exactly which laws you need to consider and recommend the appropriate policy.

PAYG makes it easier than ever to stay compliant by integrating directly with your payroll service, so your premium is always accurate and payroll changes are always reflected.

Pay As You Go is an alternative to traditional workers’ comp insurance services, built with the small business owner in mind. You should feel confident that your business and employees are 100 percent covered—and without the headache.

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