If your Workers Compensation Policy renews in the next 90 days, ask your agent about utilizing a Pay As You Go policy at renewal. Pay As You Go Workers Compensation policies are becoming one of the more popular choices at renewal because they increase cash flow and minimize audit exposure annually.
There is no down payment and premiums are paid “as you go” based on the classifications of your employees and the compensation they receive each pay period. Since the data is accumulated and transmitted to the carrier throughout the entire year directly from PCS, you will have virtually no audit exposure if you’ve classified your employees properly.
To determine if a Pay As You Go policy is right for your company, you first need to find out if you fit the “appetite” of the insurance carriers that participate in this program. High risk classifications may be excluded as well as smaller policies under $2,000 in annual premium. Finally, mods over 1.3 are excluded. For a listing of acceptable classifications, click here.
Our program is different in that it allows you to use your current agent. So if you qualify, the next step is to have your agent contact our Program Manager, Scott French for a quote.
Scott French
Workers Compensation Program Manager
918-764-1630 Direct
918-289-2932 Direct Fax
http://www.onthemarkworkcomp.com/index.htm
Have your agent identify them self as representing a Payroll Control Systems Client and that they are calling to get a quote for our Pay As You Go Workers Compensation program. Quotes can usually be obtained within 48 hours with the necessary submission information. The carriers involved in the program are Liberty Mutual, Travelers and AmTrust.
To recap, here are the benefits of the program:
- Zero down vs. Down payment or deposit,/li>
- Pay as you go vs. Installment plans with monthly service fees
- Premiums are based on actual payroll vs. Best guess
- Improved cash flow
- No audit surprises
- “A” rated carriers
- Personalized care from your agent
To see more, visit our website by clicking here.
Legal Disclaimer: This article is intended for informational purposes only and by no means should replace or substitute other legal documents (governmental or non-governmental) reflecting similar content or advice. If you have any questions concerning your situation or the information provided, please consult with an attorney, CPA or HR Professional.
Tags: Cash Flow, Pay As You Go Workers Compensation, Payroll Control Systems, PCS, Workers Compensation Quotes
