Workers' Compensation
If you carry workers' compensation insurance, you are aware of its many cash flow headaches. From the
20% down payment, to the often, whopping, lump sum additional premium due at end of the policy period.
It hits many businesses right in the wallet. If you have ever said, there must be a better way when
writing one of those large checks, then you are right.
PayMaster has teamed up with several major workers's compensation carriers to offer automatic direct payment of workers' compensation insurance premiums as part of regular payroll processing called pay as you go. The treatment of premiums is similar to the way payroll taxes are handled. Premiums are calculated based on the actual payroll using a complex process that considers the workers' classifications, premium discounts and mod factors and remitting them to the insurance carrier with each payroll. The result is that many insurance carriers will forego a down payment and there will not be any audit surprises at the end of policy period. Pay as you go is also a great cash management tool for a business that does not have a regular payroll. This especially comes in handy with a seasonal business atmosphere or for any growing business. When income is greater and labor cost is higher, the premium will increase, conversely during slow, off-season periods, premiums will be much lower. Payroll processing and carrying workers' compensation are vital to any business. Outsourcing to experts is not only cost efficient, but in this case, it will relieve large cash flow pressures. Once these functions have been outsourced to a reputable company, you can sit back and concentrate on your real business. The following is a partial list of some of the carriers we work with: |
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