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Advantage December 2012

Dec 2012

From The Top - Rob BassoDecember 2012 Newsletter

From The Top
By Rob Basso
President, Advantage Payroll Services

Last month I talked about Pay As You Go Workers Compensation and how it can help streamline your budget and eliminate surprises. The feedback was so overwhelmingly positive that I wanted to share a little more detail.  I was surprised how many of my small business clients didn’t realize that a convenient, more financially manageable solution existed.  I invited back Gregg Knepper of Integrated Coverage Group, and I asked one of my longtime clients and fellow small business owner, Steve Levin of Webline Designs, to share his story about switching to Pay As You Go Worker’s Compensation.

Don’t forget, the entire staff at Advantage Payroll Services is here to answer any questions you have on any of our products and services. It’s our pleasure to continue to help you streamline all your small business needs and we are honored to be your resource.

I’ve asked Gregg Knepper, President of Integrated Coverage Group to answer the most commonly asked questions in regards to Pay-As-You-Go workers compensation. For any questions you may have remaining, call your Client Service Representative at (800) 440-9033.

Have a happy and healthy holiday season and a happy New Year.

If you have an interesting topic or would like to offer your expertise to fellow business professionals, consider participating in our newsletter. Please contact us with your ideas and suggestions today at newsletter@liadvantage.com, or call Christine Cesarino at (516) 931-8400 ext 17.

Q & A Portion

1. What is Pay-As-You-Go Worker’s Compensation?
A Pay-As-You-Go workers compensation policy allows you to simplify insurance payment processing as well as year-end audits by using real-time payroll data transmitted directly from Advantage Payroll.  The Pay-As-You-Go policy calculates your insurance premium each payroll period based on actual payroll reported which eliminates the need for estimated payroll.

2. How does Pay-As-You-Go work?
Your workers compensation carrier is in direct contact with Advantage Payroll through an automated system which allows them to see the exact payroll you run each pay period.  The insurance carrier will charge you each pay period for premiums incurred based on actual wages paid.

3. How does Pay-As-You-Go improve my cash flow?
Utilizing a Pay-As-You-Go workers compensation policy provides the following benefits which improve cash flow to your business:

  • The down payment at the beginning of the policy period is eliminated.
  • You will not overpay, or underpay at any time; you will pay the exact amount of premium due each pay period.
  • You will never overpay, which equates to essentially giving the insurance carrier an interest free loan.
  •  You will not be forced to pay an unexpected large sum at the end of the policy period due to an audit.

4. What types of businesses can utilize a Pay-As-You-Go policy?
Many different types of businesses can benefit from having this type of policy.  Some industries that have found Pay-As-You-Go to be particularly beneficial are restaurants, retail, manufacturing, professional offices, and many more.

5. What is the additional cost of a Pay-As-You-Go policy?

There is no additional cost to implement a Pay-As-You-Go policy.  Your Workers Compensation rates will not change, and there are no incremental costs or expenses.

6. Client Story:
“After 17 years in business, last year we switched to a Pay-As-You-Go  Worker’s Compensation policy and have found it to be extremely convenient.  We no longer have to make a large down payment at the beginning of each policy period and we won’t ever be surprised again with a large bill at the end of the year due to an audit.  Most importantly, we no longer have to bear the administrative burden of the audit.   As we process our payroll through Advantage, there is no cost to us for this convenience.  I would recommend a Pay-As-You-Go Worker’s Compensation Policy through Advantage to anyone processing payroll with them”

—Stephen Levin, President,  Webline Designs


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