Five Major Benefits of Pay as You Go Workers Compensation – How it can Help
Pay as you go workers compensation is becoming more popular in the business world thanks to a number of benefits that it can provide companies. The old, traditional method of workers comp involves paying upfront costs based on estimated payroll and then suffering through annual audits. Pay as you go workers compensation is a more common sense approach to the issue, and one that can save you time and money as well as providing you with many other benefits. Workers compensation is required by law, and pay as you go workers compensation offers you the best way to stay compliant. Here are five of the biggest benefits that pay as you go workers compensation can deliver.
- No Up Front Payment – Pay as you go workers compensation eliminates the huge up-front payments that traditional policies include. With pay as you go workers compensation you'll pay into the account in real time, giving you the ability to better manage your cash flow. Pay as you go workers compensation lets you keep more money in your bank account, paying out only when you must.
- No Estimates – Pay as you go workers compensation allows you to avoid the archaic estimated payment method that other policies use. With pay as you go workers compensation your payments are based on actual data and figures from your payroll and the insurance company. The average is around $2.30 per hour worked, but exact figures will vary. You'll only pay exactly what you're required to with a pay as you go workers compensation policy.
- No Audits – For most, this is the biggest benefit of pay as you go workers compensation policy. Even though they could end in a return on your payments, audits can be expensive to deal with. And having other parties review all of your company data can be stressful, as well. Pay as you go workers compensation eliminates the need for costly year-end audits and allows you to keep your company moving forward instead of dealing with the hassle of audits.
- Real Time Management – This feature of pay as you go workers compensation was touched on earlier, but is a benefit all its own. With pay as you go workers compensation you can review data as you need to and get an accurate look at premium payments, claim data, and more. And with pay as you go workers compensation you can do so without having to wait until quarterly reports or other requirements are reached.
- Saved Money and Time – These benefits of pay as you go workers compensation encompass all of the above and more. Pay as you go workers compensation saves your company money by eliminating audits and up-front payments, and saves you time by eliminating audits and letting you manage your information quickly. In short, pay as you go workers compensation is the best way to solve your workers compensation needs.
Unicorn HRO offers pay as you go workers compensation to its clients, helping them reduce their costs and still provide coverage to their employees. If you're tired of audits, estimated payments, and huge up front charges, then switching to a pay as you go workers compensation plan could be the best move you make.