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Why choose pay as you go workers' comp over the conventional one?

Businesses, small or large, need to keep their employees happy and safe. Employees always face the risk of suffering on-the-job injuries. Injuries can affect an employee for an extended period distancing them from work. These are tough times for both you and your employees. This is where workers' compensation insurance helps you out. The regular workers' compensation method is outdated. The latest method is pay as you go workers comp. Check into it now!

Pay as you go workers comp insurance allows you to pay your premiums during an actual payroll period. It differs from conventional workers compensation premiums, which depend on your anticipated yearly payroll, and stands out for many reasons. It can protect you from audits, as your premium depends on real-time payroll compensation and not an estimate.

Here are some benefits of getting pay as you go workers comp insurance:

  • No up-front costs are involved in pay as you go comp insurance. Traditional methods have business owners paying a large sum when initiating this type of insurance. The insurance, being a mandatory, cannot be avoided. Pay as you go frees owners from up-front costs, completely.
  • Once you choose to pay as you go, you have employee real-time data and pay the premium on same basis. This allows for better accounting and cash flow on the owners' part.
  • The traditional method had owners dealing with timely annual audits. These audits, though necessary, can be costly and painstaking. Honestly, no owner likes an audit. With pay as you go, one can easily stay away from audits. Thie new method will save time and money and will give you more time to spend on more important activities.

These are some benefits of choosing pay as you go workers' comp insurance. The simple process and real-time data make it a great alternative to the traditional compensation process. If you are a business owner using the traditional methods, InsuranceTrak can help you with an easy transition to the better pay as you go method. Get in touch with us to know more.