PAYDAY Workforce Solutions Blog

Pay-As-You-Go Workers' Comp

On Nov 25, 2012

workers' compWorkers’ compensation is insurance that provides wage replacement and medical benefits to employees who are injured while they are employed. It covers medical and rehabilitation costs and a portion of wages for employees injured on the job.

In California, workers' compensation insurance is mandatory for any employer, even if you have just one employee. Workers' comp insurance for self-employed, solo owners is generally optional, but consult an attorney or contact one of our insurance reps at PAYDAY regarding the specifics of your situation.

Pay-as-you-go workers' comp is a very valuable service because it means employers don't have to outlay a large sum of money all at once. By having PAYDAY manage your workmans' comp program, you won't have to worry about the administration, completing paperwork, or managing the numerous details associated with this aspect of your business.

Pay-As-You-Go Workers' Comp Insurance

Payday Workforce Solution’s offers a competitive Pay-As-You-Go workers' comp plan that helps make workers' compensation more affordable. We calculate premiums using your actual (not estimated) payroll information. Payments are made automatically using the correct premiums for each pay period. That saves you money and lets you put your working capital to better use.

With pay-as-you-go workers' comp, you have the option of going direct through an insurance company, or using a third-party service provider, such as PAYDAY. If you work with a payroll service provider you get the benefit of having the company -- not you -- report the payroll wages automatically ever payroll. Then, the insurance company will automatically deduct the premium from your account, which will be a percentage of your total payroll. This is the primary reason why many companies are choosing to go with pay-as-you-go workers' comp plans. It saves money for companies by paying only the correct premiums each pay period and reduces the amount of outlay for this state-mandated insurance.

For more information, contact a PAYDAY workers' comp specialist today. Let us know how we can help you or call us at our office in Orange, California. We look forward to having one of our expert payroll service specialists work with you.

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