EMPLOYERS launched PrecisePay, a pay-as-you-go billing program designed to simplify workers' compensation premium payments, save time and improve cash flow.
Because workers' compensation insurance premiums are based on payroll data, the new PrecisePay offering helps small businesses better manage cash flow by enabling them to make smaller payments on a more frequent basis. PrecisePay also eliminates the burden of large upfront costs and policyholders only pay what they owe each payroll period based on up-to-date payroll data.
"PrecisePay is designed to help alleviate some of the pressures of running a small business by increasing efficiency and potentially lowering workers' compensation related operating costs," said David Quezada, senior vice president, general manager of strategic partnerships and alliances, EMPLOYERS.
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Benefits of PrecisePay include:
- No down payment is required and premium is paid in smaller, more frequent increments each time payroll is processed and reported.
- Premium payments are automatically deducted each payroll period.
- Premium is calculated based on actual payroll in each pay period, which helps minimize the risks of large audit variances at the end of the policy year.
- Policyholders have around-the-clock ability to report payroll information and to view premium and payroll details on previously-submitted information.
All new business and renewal accounts are eligible to enroll in the PrecisePay program at the time of policy issuance.
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