Self Monthly Reporting Workers Compensation Quotes

Workers Compensation Shop.com offers self monthly reporting programs for employers and agents.  Monthly reporting programs not available for all risks.

A self monthly reporting workers compensation program is designed to allow workers comp premium to be paid based on actual payroll instead of estimated payroll.  With traditional work comp insurance, the deposit and installments are based off estimated payroll figures.  Discrepancies between estimated an actual payroll are not uncovered until a year end audit is performed.

Here is an example of how self monthly reporting works:

An insured is given a workers compensation quote based on the estimated payroll they expect to run in each work comp class code during the policy period.

Once the insured binds the policy they receive a monthly report to complete and submit along with their premium each month.

At the end of the policy period a final audit is likely to be done in order to ensure that the payroll reported each months matches with the insured's annual and/or quarterly payroll reports and to verify that no employees were misclassified.  In most instances payroll should be a match and no audit premium will be due to the insurance company.  Most carriers allowing for self-monthly reporting enjoy a high client retention rate and monthly reporting perpetuates into renewal policies for the insured.

Our self monthly reporting programs are great for companies with medium to high premium and fluctuating payroll or class codes.  Our Direct Pay As You Go and Payroll Plus Work Comp solutions may be a better solution.

• Direct Bill

  • The industry standard.  15% to 25% down with 3 to 9 installments.

• 12 Equal Installments

  • Available with some of our carriers to help improve cash flow and reduce upfront premium due.

• Self Monthly Reporting

  • An improved version of 12 equal installments that helps protect against additional audit premium.

• Direct Pay As You Go

  • A proprietary program of generating and paying premium based off of you current payroll system.

• QuickBooks Pay As You Go

  • A proprietary program where work comp is integrated into your QuickBooks software.

• Pay As You Go via your Payroll Company

  • A proprietary program whereas we report and collect premium from your current payroll company.

• Payroll/Work Comp Outsourcing

  • Our own solution for integrating payroll and workers' compensation into a single source solution.