Pay As You Go
Workers' Compensation Insurance
Workers' Compensation Insurance With No Deposit
Affordable Premium Payments
Reduce costs; simplify calculations and reporting. It’s a solid plan.
Streamline the process. Improve accuracy.
Workers' Compensation Insurance
Paying the requisite premiums for workers’ compensation insurance upfront often puts a significant strain on cash flow. Also, traditional Workers’ Comp premiums are based on payroll estimates, which means year-end audits could reveal a large variance.
Get A Better Workers’ Comp Solution
The SmartPayroll Solutions – HCM pay-as-you-go program allows business owners to avoid making lofty deposits and make smaller premium payments each payroll period.
And, our robust payroll system allows us to calculate Workers’ Compensation premiums from actual payroll figures and assigned classifications each time payroll is processed.
- Avoid making lofty deposits
- Automate payments and reporting
- Reduce risk
- Improve cashflow
Benefits of Our Pay As You Go Workers Compensation Insurance
State-mandated assessments, taxes, and surcharges are collected in compliance with state law.
- No more deposits and estimated payments
- Integrates with our payroll platform
- Easy transfer from your previous carrier
- Simplifies calculations and reporting
- Reduces risk of over or underpayment
at year-end audit
- Eliminates writing checks and assures
accurate, on-time payments
- Improves cash flow for small businesses
- Minimal premium audit variances
- Protects employees and business owners
- Extra features available such as timekeeping and HR
The Key To Reducing Workers' Comp Premiums
No matter the size or type, all businesses are responsible for providing a safe and healthy work environment for employees. If proper measures are not in place, employers face tremendous risks that can impact their bottom line significantly. Even worse, employees face the risk of life-changing injuries.
How Can I Reduce The Risk of On-The-Job Injuries?
Our clients use the following tools to decrease the risk of injury and, potentially, the cost of Workers’ Compensation Insurance.
- Customizable, cloud-based Learning Management System (LMS) with employee safety courses
- Management training courses
- Company policies and handbook builder
- State-specific compliance bulletins and knowledge base
We highly recommend a quick self-assessment of company policies, safety training, and risk management, followed by a free consult with one of our highly-qualified account managers.
Frequently Asked Questions About Workers Compensation Insurance
Workers’ compensation insurance is required coverage that protects both employees and businesses from financial losses due to work-related injuries or illnesses.
In general, Workers’ Compensation insurance assists in paying for medical bills, lost income, continuous care expenses, and even funeral costs if an employee is injured, becomes ill, or passes away due to a work-related accident or illness.
The requirements for providing Workers’ Compensation vary by state. For instance, in Tennessee, employers with five or more employees must provide it, while in Georgia, it’s required for those with three or more employees.
- If an employee becomes injured or ill while on the job, it’s important for them to report the incident to their supervisor and explain what occurred. If the employee’s account seems inconsistent or changes frequently, it may be a warning sign.
- If your business has security cameras installed, you can review the footage to gain a better understanding of the situation.
- Additionally, it is important to speak with witnesses or the employee’s colleagues to verify their version of events. If the witnesses provide information that conflicts with the employee’s report, this may be cause for further investigation.
In order to prevent workers’ comp fraud, it is important to educate new employees on the process of reporting an injury or illness. This includes informing them of the timelines they need to be aware of when filing claims. It may also be beneficial to provide training on your business’s workers’ comp policies, including a return-to-work program, to both new and existing employees. The ultimate objective is to ensure that employees know how to properly handle a work-related injury or illness.
At SmartPayroll Solutions – HCM, getting a Workers’ Compensation quote is easy. Simply complete this form, and one of our account managers will contact you.
A formula with three primary elements determines workers’ compensation premiums: 1) the type of business, 2) your business’s history of workplace accidents, and 3) the total payroll.
Type of Business
Each business is categorized into a hazard group based on the probability of accidents happening in the workplace. For example, a professional services firm would be considered low-risk. At the same time, a construction company would be regarded as high-risk. Each hazard group has a calculated average cost for injuries and fatalities. It’s worth noting that injuries on a construction site have higher costs than those in an office. It’s crucial to ensure that your employees are classified accurately since this directly influences the cost of your workers’ compensation premium.
The amount you pay for workers’ compensation insurance is based on how many workplace accidents your business has had compared to the average for businesses of your size and classification. If your business has had fewer accidents than average during a certain time period, your premium will likely be lower than that of a similar business with more accidents. This encourages businesses to prioritize safety and implement workplace safety programs to educate employees and prevent accidents.
The third major influence on your workers’ compensation premium is the total amount of your payroll. The higher your payroll, the more you will pay for workers’ compensation premiums.
Computing the Premium
After your business has been properly categorized and its accident history has been evaluated, a rate is assigned based on this information. This rate is then multiplied by your total payroll to determine your premium.
Periodically, typically during policy renewal, your insurance provider will perform a premium audit to detect any changes in your business and assess their impact on your workers’ compensation premium. You can learn more about premium audits here.
Taking Care of Business
A Simple Risk Assessment May Help Save On Workers’ Compensation Insurance Premiums
HR-related issues, lack of safety training, and poor employee orientation can all lead to on-the-job injuries, Workers’ Comp claims, and litigation. This simple worksheet is a good place to start in determining where your business may be exposed to those risks and more. Sign up for your free copy!
Experience It For Yourself
We are confident that our payroll and human capital management system can streamline processes and automate your business, but you need to see it for yourself. We’ll gladly demonstrate the power behind our technology and the knowledge of our highly-trained account managers.