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Self-monthly reporting makes it easy to
report and pay actual premium each month directly to the carrier.
Workers Compensation Shop.com offers easy self monthly reporting programs for
employers in most states. Monthly reporting programs allow employers to report their
payroll and make accurate monthly payments directly to the insurance company.
Our 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 of estimated annual payroll figures. Discrepancies between estimated and
actual payroll are not uncovered until a year end
Monthly reporting is similar to Pay As You Go Workers compensation accept that
business owner only make premium payments once a month as opposed to each pay
period. Additionally, employers do the report calculation on their own each month
instead of relying on payroll deductions via software.
An employer gets a standard workers' compensation quote based on the estimated
payroll wages and workers comp class codes. See the example quote
Once the business binds the policy and puts a small deposit down the insurance
company changes the billing from an installment plan to a reporting plan. Employers
then receive a monthly report worksheet needed to calculate and make the premium
payments. Simply complete the worksheet and submit along with premium payments at
the end of each month like the example below:
At the end of the policy period a final audit is likely to be completed in order to
ensure that the payroll reported each month matches with the insured's annual and/or
quarterly payroll reports and to verify that no employees were misclassified into an
incorrect class code. In most instances payroll should be a match and no additional
audit premium will be due to the insurance company.
Most of our carriers that offer self-monthly reporting programs enjoy a higher
client retention rate and the monthly reporting program perpetuates with each
renewal policies for the business. If the policy is cancelled, the insurance company
will return the deposit premium held in escrow.
Our self monthly reporting programs are great for companies with medium to high
premiums, fluctuating payroll, and relatively consistent worker comp class codes.
Our Pay As You Go and Payroll + Workers Comp
programs may be a better solutions for
multi-state businesses with multiple workers
compensation class codes.
Call One of our Workers' Comp Specialists at 888-611-7467, or
Find your best workers compensation quotes. It takes 3 minutes.
Report and Pay your workers comp insurance based on your actual payroll data.
Pay your insurance company each month based on a monthly reporting worksheet.
Traditional workers comp billing with 15% - 25% down. Based on estimated payroll.
Standard workers comp billing using estimated wages. 12 month equal payment plan.
The Hartford's direct Pay As You Go program with online reporing.
Combine Payroll and workers' compensation insurance with a payoll provider
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