Pay-As-You-Go Workers Compensation Insurance

When it comes to contractors insurance, what is the absolute #1 headache?

Workers Compensation Insurance!

In today’s economy, it’s hard for contractors to get paid for work performed.  Far too often payments come in weeks, months, even years after work is finished. Throw in bid proposals, maintaining equipment, and managing employees and the life of a contractor can become very stressful.  The last thing any contractor wants to deal with is a surprise workers compensation bill.

In addition, state workers compensation boards (especially NY) seem to be on the warpath for incorrectly classified employees and incorrect payroll figures.

How is a contractor to defend himself?

Pay-As-You-Go Works Comp

A  pay-as-you-go workers compensation policy allows the contractor to pay his workers compensation premiums on a weekly or monthly basis based on the payroll actually paid to employees.  Gone are the days of having to estimate your payroll for the next twelve months and dealing with the anxiety of an audit at the end of the year.

Now you pay for what you use.  It’s that simple.

Employee Classifications

Another advantage to pay-as-you-go workers compensation is the ability to easily break your employee payroll up by job class function.  Every contractor is familiar with the nightmare that is workers comp class codes and rating associated with each class code.  Pay-as-you-go gives you an easy format to break out the payroll assigned to each class code.  This helps to mitigate the chance payroll assigned to your less expensive class codes ends up getting lumped in with your most expensive class code.

The Rub

If you are a contractor in New York State and want to discuss pay-as-you-go workers compensation, contact me.  The pay-as-you-go workers compensation program takes a significant amount of pressure off the business so you can focus on what you do best… your work!

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Disclaimer: This article is for informational purposely only. There is no legal advice being suggested or proffered and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information.