South Florida Payroll solves the Workers’ Comp dilemma!
At South Florida Payroll, we take great pride in helping our clients run their businesses as efficiently as possible. Our Pay-as-you-go program is one that no business should be without.
Until recently, all Workers’ Compensation policies worked the same way. You provide an estimate of how much will be paid for each “category” of employee during the year. Then you are required to pay the full premium long before the year is over, effectively giving your insurance company the free use of your money. In addition, if any of your payments are late, you are charged a penalty.
After the policy year ends, you will have an audit in which your estimates are compared to the actual payroll. You may have overpaid in which case you are entitled to a refund—or you may have underpaid leading to a large invoice which is due upon receipt.
Pay As You Go
Now there’s a better way! Simply pay your Workers’ Compensation insurance with each payroll! In this way you are accurately paying for the exact amount of payroll dollars for each category! You are not making any prepayments; you pay only what you owe; you minimize the risk of receiving a large invoice at the end of the year.
Here’s how it works:
- After we run your payroll, we send your payroll data to the Workers’ Compensation insurance carrier
- They calculate your insurance bill for that payroll period and automatically withdraw it from your account
- You receive an email notice of the withdrawal; and your reports are available online