The 5 Secrets Business Owners Wish They Knew About Workers’ Compensation Before They Lost So Much Money
For many business owners, Pay-As-You Go Workers’ Comp is a good alternative to traditional lump sum payments. Here’s why:
Traditional workers’ comp plans, compared to pay-as-you-go, require large lump sum payments to cover the estimated cost of your liability. With our pay-as-you-go plan, your workers’ comp insurance liability is based on each payroll run. If you add or lose employees, your premium liability adjusts accordingly. Pay-as-you-go provides all the coverage and compliance of workers’ comp with none of the stress!
Making hefty annual payments can put a strain on your business budget and harm your business cash flow management.
Knowing exactly how much your workers’ comp should be is difficult to predict. Pay-as-you-go calculates up-to-date workers’ comp rates with each payroll cycle.
With pay-as-you-go workers’ comp insurance, the money you owe is based on your actual payroll.
Paying your premium can slip your mind. But with pay-as-you-go workers’ compensation, your policy provider automatically collects your premiums with each payroll and debits your bank account.
Your premium is based on the payroll generated during a pay cycle and is based on a rate per 100 of payroll per job classification.
Too many companies look for the cheapest price for a policy and neglect the important elements that define the cost of providing workers’ compensation coverage to their employees and needlessly waste thousands of dollars a year.
The true cost of workers’ compensation includes a lot of hidden costs — the actual cost is much higher than the insurance price most look at with premiums or benefits paid.
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