Typical Worker’s Comp Scenario:
Worker’s Compensation Insurance payments and paperwork have posed problems for business owners time and time again.
Usually, insurance providers require a 25% annual deposit based on an estimated figure of what your payroll will be. Not only is 25% a lot to shell out in one payment, but the estimate usually hits way above or below target. Employers then have to wait for a refund or are pestered with audit bills to pay the remainder of a low estimate. Your premium is then adjusted yearly and you pay a 25% estimated deposit each time. This system requires business owners like you to fill out unnecessary paperwork and pay more than you should in premiums
Problem Solved.
Pink Payroll is one of a few payroll services to offer “Pay-as-you-Go” Worker’s Comp Insurance. Pay-as-you-Go is a system that allows you to pay your Worker’s Comp Insurance at the endof each payroll period, so you can avoid refunds and audit bills.
By hiring us, you will also avoid paying the overpriced 25% up-front deposit. Your automated payments will be consistent and in real time.
Sounds easy? It is!
At the end of a given pay period, Pink Payroll sends your payroll information over to your insurance carrier. Your insurance then calculates what you will pay from the submitted payroll. Simple as that!
The benefits from doing Workers Comp this way are…
No 25% Up-Front Deposit
With us, you won’t be paying the 25% chunk of your total bill that is common with Workers Comp Insurance. Your payments will be more predictable and consistent.
No Audit Bills
The Pay-as-you-Go system acts in real time. This means we cannot overestimate or under-estimate your premium. This way you won’t get audit bills due to faulty estimates or have to wait for a reimbursement in the mail.
Set up is Easy
Integrating your payroll with our Worker’s Comp software is quite easy since we will already have your payroll and employee data.
We Accept Most Insurance Companies
We work with most insurance carriers which include Travelers, The Hartford, Amtrust, CNA, Guard and even more!
Follow our Pink Payroll Blog, and contact us for a free quote on your payroll!