Payroll Insurance Integration
PaySmart offers payroll and insurance products that work hand in
hand to better manage your business insurance and benefits
programs. Our payroll deducted workers compensation and
general liability products reduce your down payment, improve
your cash flow, and reduce your audit exposure because your
premium is reported and paid to our insurance partners based on
actual payroll processed by PaySmart.
How Does
Payroll Deducted Insurance Work?
PaySmart works through the Insurance Shop to provide business
insurance quotes much the same way a traditional agency does.
The initial quotes are based on your estimated payroll or sales.
Once you decide to integrate your insurance with our payroll
processing service we issue your policy with little to no
deposit based on our preferred arrangement with our insurance
companies. We provide you with our "net rate" premium
worksheet so you know how your premium is calculated from your
actual reported payroll. Each time we process your
payroll, we bill your insurance premium via the payroll process.
We then remit your premium to the insurance companies and
provide them with your payroll data to apply the premium to
towards your policy.
At the end of the policy period, the carrier may request an
audit to ensure that premium reported matched premium paid and
that their were no other uninsured sub-contractors or owner
payroll that should have been included. Since your premium
was paid based on actual payroll figures, our partners typically
enjoy better cash flow throughout the year and reduced audit
exposure during the audit process.
Learn More About Payroll Deducted Insurance
If you would like to learn more about our payroll insurance
products and services
contact your Payroll Specialist or complete one of our
insurance quote forms to the right.
|
