Insurance is one of the most costly expenses many companies face, especially workers compensation insurance. Most policies require annual premiums that are paid throughout the year, with an adjustment made at the end of the year if actual payroll varied from what was estimated. That gives companies a fixed monthly cost, but it may also take away needed cash that could be better invested elsewhere if the payroll projections err on the high side.
There is an alternative, known as pay-as-you-go workers compensation, wherein premium payments coincide with actual payroll schedules, resulting in a healthier cash flow for the business. This option allows companies to avoid the large, up-front deposits and year-end surprises common with workers’ compensation insurance.
Payce offers one pay-as-you-go payroll/workers compensation solution – Premium Link SM service – that also eliminates administrative workload associated with developing employee census data. Our service seamlessly integrates with the following carriers:
Payce Premium Link links your premiums directly to your payroll for a healthier cash flow, lower up-front costs, streamlined and predictable year-end audits, less administrative hassles, and often a premium cost savings (many clients save 40% on average when they switch to Payce!).
If your business could better use your cash for something other than insurance premiums, consult with your payroll/HR vendor or just call Payce and ask about Premium Link SM service.
Please note that Payce Premium Link is not a stand-alone service – clients must be enrolled in Payce’s payroll service to enjoy this benefit. For more information, contact your Payce representative or speak to Mark Marszal directly at 443-279-9000 or email him at email@example.com.