Payroll Billed Workers Compensation Insurance
AccuComp by Accuchex – Payroll Billed Workers Compensation Insurance
Accuchex understands the challenges associated with running and growing a business. Business owners are always looking for ways to improve efficiencies and manage cash flow. That is why Accuchex specializes in Payroll Billed Workers’ Compensation insurance policies. Payroll billing continues to grow in popularity and is increasingly the best option for business of all sizes.
- New businesses that are growing benefit from the ability to scale a policy as the business grow.
- Established businesses benefit from the improved cash flow as well as realizing the premium expense during the time in which the work is being performed.
- Seasonal businesses benefit by allowing the premium payment to fluctuate with the seasonal nature of their business.
How does Payroll Billed Workers Compensation Insurance work?
Workers Compensation Insurance, or Work Comp for short, is based on payroll. With Payroll Billing your premium is calculated with each payroll. Your premium payments are based on actual payroll figures so you pay exactly what you owe when you owe it. The payroll data flows to each carrier automatically and shortly after that your premium is calculated and paid without any need to write a check.
Accuchex has established close relationships with many of the top carriers in the market today. This unique partnership allows Accuchex to offer seamless payroll billed Workers’ Compensation policies to fit the needs of almost any industry. Integrating your premium payment with your payroll frees up valuable time for you to focus on what you do best, run your business. Business owners have enough to focus on, this is why they hire a payroll management service to handle the ever-changing IRS and employment regulations. So, why not let them handle the Workers’ Compensation Insurance requirements as well.
Often times this payment method will eliminate the large up front deposit requirement that are usually associated with a Workers’ Compensation policy. In addition to reducing or eliminating deposits, audits are simplified since businesses pay what they owe when they owe it; audits become just a routine look back that don’t result in large balloon payments.
The Benefits of Payroll Billed Workers Compensation Insurance
- Bind coverage with little to no money paid up front.
- Enjoy the cash flow benefits of paying premium based on actual payroll figures, not estimates.
- Pay your Workers’ Compensation premium after each payroll rather than large monthly, quarterly or annual payments.
- No need to write a check each time, payments are electronic.
- Simplified audits. No more surprise balloon payments at the end of the policy term.
- Effective budgeting by staying current and on top of your Work Comp expenses.
How does Payroll Billing help my cash flow?
Premium is based on actual payroll data instead of annualized estimates. It’s a seamless payment option allowing better control of cash flow.