Pay-as-You-Go Workers' Compensation

Traditionally, businesses had only one way to pay their workers’ compensation premium: up front andpay as you go worker's compensationbased on an educated guess – not exactly a payment strategy most smart business owners would advocate. The solution: SmartCompSM a payroll deduction workers’ compensation product, a pay-as-you go plan. SmartCompSM can simply be described as “BETTER”, and here is why: 

Rather than paying estimated premium based on projected payroll for the coming year, SmartCompSMcalculates exactly what customers owe based on accurate payroll. And instead of making hefty down payments and writing multiple checks to the insurance company throughout the year, SmartCompSMprovides policyholders with electronic debit all in coordination with their regular payroll provider. 
Our pay-as-you-go product is superior when compared to traditional workers’ compensation.

Here’s Why:

  • Predictability
  • No down payment of policy premium
  • Improvement of cash flow
  • Electronic withdrawal of premium payment
  • Easy year-end audit process with little to no audit liability

 

  Traditional Policy AP Intego

Cash Flow Advantage

No

Yes

Payroll

Estimated

Actual

Premim

Estimated

Actual

$0 Down Payment

No

Yes

Minimal Risk at Year-End Audit

No

Yes

A.M. Best "A" Rated Carriers

??

Yes

 

 

See how this can help your cash management. Contact us today!