How Pay as You Go Workers Compensation Can Save Your Business Money – The Basics
If your company is considering pay as you go workers compensation, you're not alone. The average cost of workers' compensation in the private sector is around $2.30 for every hour worked. Obviously, the number of employees you have can drive up the cost significantly. Keeping costs low is a must for any business, and pay as you go workers compensation can help you save money. Pay as you go workers compensation is becoming more and more popular as companies begin to realize the benefits that it can give to their business. There are a variety of ways that pay as you go workers compensation can help save you money.
With pay as you go workers compensation you eliminate the large upfront payments that other policies require. You're literally paying as you go with pay as you go workers compensation, which means that you won't be paying the company a penny more than you actually must. Many small to mid-sized companies struggle with meeting workers comp requirements, especially this large payment that must be made annually to secure the policy. Pay as you go workers compensation lets you keep more money in your account instead of shelling it out to a policy that may not even need it all. And that inaccuracy is another way pay as you go workers compensation can save you big.
Pay as you go workers compensation allows you to make your premium payments based on actual data instead of on estimates. With pay as you go workers compensation you'll be able to make premiums that are calculated through your payroll. No estimates, no guesses, no overpayment. You'll save money with pay as you go workers compensation since you're only paying out the exact premiums that you really owe. Sure, you'll get some of your money back with traditional policies at the end of the year, but that in itself is another way that pay as you go workers compensation can help you out.
Year-end audits are regular events with most workers comp policies, but not pay as you go workers compensation. Some audits end with you owing even more money, while some will see you getting a refund. But all audits eventually cost you. Between the surprise costs you could incur and the slowing down of productivity because of them, avoiding audits with pay as you go workers compensation can help you save big bucks easily. There's no long, stressful audit process that can affect your bottom line since pay as you go workers compensation is based on real figures instead of estimates. Pay as you go workers compensation can save you money as well as time, and we all know that in reality time is money.
Pay as you go workers compensation is easy to set up, easy to manage, and easy to afford. If you're tired of dealing with high upfront costs, inaccurate estimates, and hassle-filled year end audits then pay as you go workers compensation is for you. Unicorn HRO offers the best solution for pay as you go workers compensation and can help you move your company avoid the higher costs and stressful hassles of other policies. Looking into pay as you go workers compensation is one move you won't regret.