Having workers’ compensation insurance isn’t only a smart business move—in most cases, it’s a required one, too. But doling out lump sum payments for workers’ compensation premiums can take its toll on your business. Instead, opt for pay as you go workers’ comp. With the help of Paycheck Inc get the right coverage.
Find the right insurance policy through our network of top-rated carriers.You may be able to eliminate a large up-front premium deposit payment, and spread them out.
Workers’ compensation is a state-mandated insurance that protects your business if an employee gets sick or injured on the job. An injured or sick employee receives workers’ compensation benefits to cover expenses like medical bills, job retraining, and pay while away from work.
The majority of states require that businesses have workers’ comp insurance. However, some states allow businesses with a certain number of employees to elect coverage.
Many states offer workers’ compensation insurance through a state-operated fund. And, there are many private providers who offer workers’ compensation coverage.
Generally, employers can purchase workers’ compensation insurance from any provider they want (state or private). However, employers in North Dakota, Ohio, Washington, and Wyoming are required to purchase insurance directly from the state. These four states are known as monopolistic states.
Traditional workers’ comp plans require large lump sum payments to cover the estimated cost of your liability. But with pay as you go workers’ comp, the amount you pay is based on each payroll you run. If you add or lose employees, your premium liability will change.
Some policy providers choose to offer pay as you go as an alternative to traditional workers’ comp. Unless you live in a monopolistic state, you can enjoy pay as you go workers’ comp.