Workers’ compensation premiums are often based in part on payroll, which is why a pay-as-you-go approach can make sense for some businesses.
Through Payroll Systems’ partnership with E-COMP, eligible businesses can integrate workers’ compensation with their payroll process. Instead of relying only on annual payroll estimates, premium payments are based on actual payroll information from each pay period.
Click here to watch a short video about how pay-as-you-go workers’ compensation works.
For employers, pay-as-you-go can mean:
It is important to remember that pay-as-you-go does not eliminate the workers’ compensation audit process. Audits may still be required by the insurance carrier, and adjustments can still occur based on payroll, employee classifications, uninsured contractors and other policy information.
Through our partnership with E-COMP, Payroll Systems clients can explore workers’ compensation coverage from a range of insurance carriers, including pay-as-you-go options when available. Coverage, pricing and eligibility depend on the business, location, carrier and underwriting requirements.
Interested in learning more? Contact Payroll Systems to ask about pay-as-you-go workers’ compensation and whether it may be an option for your business.