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Advantage November 2012

Nov 2012

From The Top - Rob BassoNovember 2012 Newsletter

From The Top
By Rob Basso
President, Advantage Payroll Services

This time of year, business owners start looking at dwindling budgets and start coming up with numbers for next years spending. Do you include your Workers Compensation in one lump sum? Wouldn’t you rather ease that burden and pay one payroll period at a time?  With Advantage Payroll’s partnership with Integrated Coverage Group, increase your monthly cash flow with our Pay-As-You-Go workers compensation program.

With a normal policy, employers have to put 25% down and make large quarterly payments.  Pay-As-You-Go workers compensation programs are designed to increase your cash flow while helping to minimize large, unexpected payments following a premium audit.  There’s no additional charge for adding your premium to your payroll processing, no need to manually input data separately from your payroll reporting, and no installment billing fees.

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.

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 with Gregg Knepper, President of Integrated Coverage Group

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 insurance premium each payroll period based on actual payroll reported which eliminates the need for estimated payroll.

2. How does it 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 wages paid.

3. How is “Pay-As-You-Go” Workers Compensation different from a traditional policy?
The “Pay As You Go” Program eliminates the necessity of a significant down payment at the beginning of each policy period.  It also offers you the convenience of eliminating a premium audit at the end of the policy period. Many Advantage clients find that these features are very beneficial with regards to their cash flow.

4. What are the benefits to switching from a traditional policy? 
Transitioning to a Pay-As-You-Go workers compensation policy affords you the following benefits:

  •  Better Cash Flow Management
  • No Large Down payment
  • No Need to Manually Input Data Separately From Your Payroll Reporting
  • No Installment Billing Fees
  • Accurate premium calculation based on current payroll — no estimating.
  • No checks to write or monthly billing fees.

5. What is the additional cost for the “Pay As You Go” feature?
No additional cost!  There is no cost to you to have the convenience and benefits of this type of workers compensation plan.

6. What will happen to my current Workers Compensation policy if I switch to “Pay As You Go”?
In most cases we can transition your current “traditional” workers compensation policy to a “Pay-As-You-Go” policy by completing a simple one-page application.

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