Worker’s Compensation Administration Services!
Let Time & Pay save you money and time with our worker’s comp administration services!
Without Worker’s Compensation insurance, small business owners may be exposed to two types of risk:
- You may be held personally liable for the cost of an employee’s medical care and lost wages while out of work recovering from a work-related illness or injury.
- You may face state-imposed penalties for not having the required worker’s comp insurance.
Keep in mind, workers comp costs are a direct function of gross payroll. This is why many companies are turning to outsourcing their Worker’s Compensation administration to qualified payroll professionals like Time & Pay. These services provide you with assistance with compliance, reduce the work and costs of administrative functions and improve cash flow. If you do not have good methods in place to confirm your workers’ comp cost, you have no idea if you are controlling those costs effectively.
At Time & Pay, we understand the frustrations and issues that employers face every day in dealing with Worker’s Comp. As part of our payroll services we have a very cost effective package of services in place to help you manage this legally required aspect of your business…. so that you can concentrate on your business.
We have 2 options. We work directly with Worker’s Comp carriers to offer integrated Pay-As-You-Go plans that eliminate the usual down payment and year-end audit and significantly improve cash flow. We make your worker’s comp premium payments every time we process your payroll ensuring plan continuity.
Or we will work directly with the insurance agency of your choice to implement our own pay as you go administrative services. For a small administrative fee, we will maintain accurate record keeping to determine exact workers comp costs, administer premium payments and annual policy audits.
Two areas to be wary of in regards to your worker’s comp protection.
- Be aware there are firms that will provide these kinds of services for high fees, usually based on a percentage of your gross payroll. (The PEO model). The problem with this approach, as many have learned, is that this service model is very expensive and most of these services are already available from your carrier as part of the insurance premiums you already pay. Managing workplace safety, risk management, and claim management are all part of the worker’s compensation management function that a good worker’s comp insurance agency will provide you with included in your policy. In addition, with the PEO model, you lose control of your workers comp policy and history, but not the liability. Why pay for something twice and jeopardize your business’s long term success?
- Workers comp classifications and general rates are primarily set by state regulators. While, yes, insurance companies can determine what kind of margins they want to make, based on those regulated determinations, and adjust rates accordingly, be aware of companies that claim they can save you thousands of dollars on premiums for your company. If the basic standardized rates are set by government regulators, how can somebody offer savings of 50%? If you are approached by someone offering those kinds of savings, ask a lot of questions!