What is Workers Comp?
Workers compensation provides wages and medical benefits in case of an on-the-job injury. In exchange, the employee gives up his or her right to sue the employer for compensation.
We provide Pay As You Go Workers Compensation plans where you pay the premium based on your payroll run rather than deposits or upfront payments.
Most states mandate employers to carry workers comp insurance coverage because it protects the employer from potential lawsuits by employees.
Most importantly it also protects employees from abusive employers (companies who fail to provide the right tools and good working conditions for their employees).
Direct Coverage, backed by Employers Insurance
Cerity (backed by Employer's Insurance) is a modern company with cutting edge technology to partner with payroll companies such as AccuPay to simply the workers' comp insurance underwriting process.
You can get a quote in a matter of minutes and bind it for immediate coverage. Since there are no brokers involved, most policies are generally about 30% cheaper than coverages written through brokers.
How is PAY AS YOU GO Different?
Pay As You Go (PAYG) is the kind of Workers Comp plan that allows you to pay the exact amount of workers compensation premium based on your payroll actual payroll amounts after every pay run. Therefore, PAYG Workers Comp is different and better than the traditional plan since there is no deposit or down payment.
What does that mean?
Well, your premium is calculated on actual payroll hence making audits are also extremely simplified (almost non-existent). Consequently, PAYG saves everyone involved valuable time and money!
Want to learn a little more? See the chart below for a comparison between traditional and PAYG.
Traditional Workers Comp | Pay-As-You-Go Workers Comp | |
|---|---|---|
Deposit/Down Payment | The employer is subject to a minimum of 10-25% of the annual estimated premium | PAYG does not require a deposit or down payment |
Premium | The annual premium is estimated based on projected payroll for the entire year | Premium is actual. It is calculated on payroll at each pay period. |
Audits | Traditional workers comp requires actual on site audit (or sending actual reports), documentation and possibly additional premiums could be either due or refunded | Audits are handled internally in most cases. No additional paperwork is needed and there is very minimal adjustments, if any |