In 2012, there were over 12 work related deaths per day (US Department of Labor). This statistic shows the importance of a business not only protecting their best asset, human capital, but also their company’s resources.This is where workers’ compensation comes into play.
Unless you’re one of the few employers, and I mean FEW, that live in a state where workers’ compensation is not required, then this blog pertains to your company. Workers’ Compensation is required for almost every business with employees (in addition to the owners). This protects the business owners as well as those working each day to make the company run. With the programs and software capabilities of today, workers’ compensation doesn’t have to be so complicated. Also, employers have the option for support from licensed agents to help sort through the policy details to ensure a perfect fit.
There are a few key aspects to keep in mind when choosing a workers’ compensation plan. First is to look for a reputable insurance carrier. Time after time, an employer’s main concern is the cost of a carrier and their “savings” end up biting them in the behind due to errors and misrepresentation. These issues usually occur because of mistakes in reporting, which require excessive time and money to correct. Therefore, do the research. Find a carrier that cares and is willing to find the right policy and fit for your company. Search for those agents that not only offer competitive pricing but also incredible service. If possible, find a carrier that offers a Pay-As-You-Go option.
Don’t forget that payroll goes hand in hand with workers’ compensation. The technology and algorithms used for the Pay-As-You-Go program calculate directly off the payroll data; therefore, eliminating the need for manual calculations or reports. The Pay-As-You-Go program is designed to work off of the exact wages, leaving no need for estimations and giving employers an opportunity for improved cash flow. By removing the guessing game, this alleviates hefty down payments and the chance for unexpected bills at the end of the year. All processes associated with this program are automated with a notification of the amount due as well as the withdrawal from the employer account. These programmed methods not only make the process of paying workers’ compensation hassle free; but they also help to minimize or eliminate the need for year-end audits.
As an employer, this may take away too much time from your day and you may find it easier to turn to someone experienced. Members of the MPAY Network offer pay-as-you-go programs that can work for you. Download our brochure to learn more.