Unlike traditional billing processes where premiums are estimated and paid upfront, Pay-As-You-Go Workers Comp uses payroll data to calculate and remit real-time payments each pay period.
This eliminates the headache of year-end audits and allows you to free up capital by spreading your payments throughout the year.
|PAY-AS-YOU-GO WORKERS’ COMPENSATION
|TRADITIONAL WORKERS’ COMPENSATION
|Better cash flow
|No finance charges or late fees. Pay-as-you-go premiums automatically calculated based on actual payroll, improving cash flow.
|Traditional workers' compensation premiums based on estimated payroll, may be inaccurate and hinder cash flow. Finance charges and late fees may apply.
|Pay-as-you-go requires no down payment, protecting cash for investment.
|Traditional workers' compensation may require a down payment of up to 25-100% of total premium, impacting available funds.
|Pay-as-you-go uses actual employee time, minimizing over/underpayment.
|Traditional workers' compensation uses estimated payroll projections, leading to inaccurate premiums.
|Easy, fast pay-as-you-go audit experience with no surprise payments.
|Traditional workers' compensation requires audit documentation and may result in a costly end-of-year adjustment.
|Pay-as-you-go has no financing fees.
|Traditional workers' compensation may charge financing fees, increasing total policy cost.
|Pay-as-you-go has no late fees.
|Traditional workers' compensation may charge late fees if premiums are not paid on time.
How do I get Pay-As-You-Go?
Get Pay-As-You-Go Workers Compensation in 4 easy steps.
Call a CoverWallet insurance agent to issue your Workers' Compensation policy.
Fill out a form
We will send you a form to connect with your payroll service.
Pay nothing now
$0 due today. Your payments start the next time you run your payroll.
Automate your payments
We will calculate and collect your exact payment amount linked to each payroll period.