Pay-as-you-go workers’ compensation is increasing in popularity in the business world. Eliminating up-front costs and outdated payment methods, are two of the biggest reasons businesses are turning to pay-as-you-go workers’ comp insurance. Another large benefit is not having to deal with audits. The cost and time typically spent on audits is no longer a factor. Find out more about workers’ compensation insurance quotes:
With just a little digging online, you’ll likely find dozens of providers offering pay-as-you-go workers’ comp insurance. In doing your homework, be sure to keep this in mind:
Pay-as-you-go workers’ comp is simply an alternative way of making your premium payments. It’s not different insurance, and it doesn’t replace your workers’ comp insurance or your responsibility to pay premiums, collect/issue certificates of insurance from subcontractors, etc. Your coverage must still be provided through a state-approved workers’ comp insurance carrier or approved self-insured source.
That said, there are compelling reasons for small businesses to consider the pay-as-you-go method of paying workers’ comp insurance costs. You can learn about a few of the major ones below.
Written by The Hartford Insurance