Workers' Comp: Pay-as-You-Go is the Way to Go
Posted on June 26, 2013
Workers’ compensation insurance is a must-have for any employer. Workers’ comp protects you if your employees are injured on the job, and covers your organization in case of a lawsuit. Traditionally, employers have paid for workers’ comp in a large lump sum once a year, and have suffered through annual audits to assess whether they under- or overpaid. But now, employers have another option: pay-as-you-go.
3 benefits of pay-as-you-go workers’ comp
- Better cash flow
A pay-as-you-go workers’ comp plan does not require any upfront down payments. Instead, the correct amount is deducted from your payroll each pay period. Not only does this free up cash for your business, it also reduces the risk of a negative audit at the end of the year.
#2 Risk management
Workers’ comp insurance helps protect your employees against work-related injuries and illnesses, ensuring your people are taken care of. It also protects you from the liability associated with workplace accidents. Pay-as-you-go offers the best, most affordable way to stay compliant and mitigate your risk.
#3 Visibility into total costs
With Paycor’s pay-as-you-go solution, you receive a comprehensive Workers’ Compensation report each pay period that shows gross wages, exempt wages and premium totals for each employee. This report provides insight into your insurance costs and helps you plan for the future.
Every employer needs to protect themselves, their employees and their cash flow. Learn more about Paycor’s workers’ compensation solution, or contact us to see how your business can benefit from a pay-as-you-go workers’ comp plan.