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PAYDAY Workforce Solutions Blog

Pay-as-you-go Workers' Compensation

On Jun 4, 2012

Workers’ compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence”. Workers’ comp is state mandated in order to sustain occupational injuries or illnesses.

Have any of your employees or colleagues ever gotten hurt or injured at work due to job-related duties? If you’re like many of our clients, you’ve probably spent a lot of time, effort, and money to prevent this from happening yet no one can predict the future. injured at workYou never know if someone will end up slipping in the bathroom and breaking something or simply has a deep paper cut while filing papers. Thus, it’s always a good idea to make sure you know what to do if and when one of your employees gets hurt or injured while on the clock.

Pay-as-you-go workers comp is a very valuable service to many companies because you don’t have to spend time dealing with the administration, completing paperwork, and especially spending numerous hours dealing with insurance companies.

Have you ever considered working with a qualified payroll and HR specialist that has the hands-on experience when it comes to dealing with insurance companies on your behalf?

According to the Small Business Administration (SBA), if something does happen to your employees, workers’ compensation usually covers medical and rehabilitation costs and low wages for employees injured on the job.

You have the option of going through an insurance company, such as Zenith, or using a third-party service provider. A payroll service provider will get in touch with your insurance company and report directly to them on your behalf. As a result, you can let your payroll service provider hassle with potential problems that may arise.

injured at work

Another major reason why it makes sense to work with a payroll service provider is that you, as a company,  are not required to pay a percentage of your total payroll as a deposit. And worse off, this deposit may be used in the case of a claim from an employee. And worse still is that if no claims are made the deposit is still accrued to your company.

Payday Workforce Solution’s custom Pay-As-You-Go System makes workers' compensation effortless by calculating premiums using actual (not estimated) payroll information. You can therefore use your capital for more important things, and furthermore, payments are automatically made using the correct premiums for each pay period.

For more information on PAYDAY’s Pay-As-You-Go System for workers’ compensation services, simply complete a Proposal Request and a PAYDAY representative will contact you.

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