The new year has begun and we are excited to announce a NEW service! For years, many businesses have turned to the New York State Insurance Fund (NYSIF) as a last resort to secure workers’ compensation and as a result, have had to endure costly down payments and high audit adjustments at the end of the policy term. Now, NYSIF has created a way for eligible policyholders to utilize the pay-as-you-go feature through approved payroll processors. Advantage Payroll is an approved payroll processor.
Why NYSIF PAYGO?
- Eliminates down payment requirements
- Calculates premium based upon actual payroll
- Calculates more accurate premium payments, resulting in smaller audit adjustments
- Allows policyholders to match payments to cash flow
Who Can Participate in NYSIF PAYGO?
- New or renewal policies with annual estimated annual premium (including assessment) of between $1,000 – $250,000
- Annual premium larger than $2,000 for all contracting codes (excluding roofing, which is not eligible for PAYGO)
Frequently Asked Questions
Can enrollment occur at anytime?
Policyholders are eligible to enroll at policy issuance or renewal.
Is there a fee to enroll in NYSIF PAYGO?
NYSIF does not charge a fee for the program, however Advantage does charge a minimal administration fee.
Will a policyholder receive a bill from NYSIF while on this plan?
Policyholders will not receive a bill unless there is a balance related to a prior period.
Will NYSIF require audits for NYSIF PAYGO clients?
NYSIF will continue to audit policies, but we expect the amount of time and work related to audits to decrease significantly.
For more information, CLICK HERE.