Pay-As-You-Go Financing for Workers’ Comp Policies
Knight-Dik offers a payment solution called FLEXPAY for workers’ compensation policies that combines a pay-as-you-go system with premium financing. FLEXPAY allows companies to manage their workers’ comp benefits through a streamlined payroll system that allows greater flexibility in payment schedules and online payroll reporting.
Here’s how FLEXPAY works:
- Seamlessly integrates with insured’s current payroll process
- Works with any payroll company (weekly, bi-weekly, or semi-monthly payroll periods)
- Offers a self-reporting option if no payroll company is involved
- Payments are based on actual payroll and are automatically deducted
- Rates and terms are competitive
FLEXPAY requires only a 10% down payment when financing annual workers’ comp policies. As a result, Knight-Dik clients are able to improve their cash flow and use their extra cash on hand to pursue other business opportunities.
Interested in learning how pay-as-you-go financing for workers’ comp policies can improve your cash flow? Give us a call at 800-286-6353 or contact us now. We’d be happy to help.
Dealing With Insurance Audits A Key To Avoiding Future Problems
After the policy year is complete, your insurance company “audits” the policy to verify if the payroll data, job classifications, and losses are correct. When an insurance company audits a policy, they are typically looking for standard information to review and update.
When Does the Law Require Workers’ Compensation?
Employers must provide safe working conditions for employees. When an employee suffers an injury on the job, he or she might have the right to obtain compensation from the employer. Such compensation comes in the form of workers’ compensation.
Proper Analysis Is The Key To Understanding Workers’ Comp Costs
In order to reduce your workers’ compensation costs, you have to analyze where you are and how you got there. By doing so, you’ll be able to determine how to handle any problems. The mistake that many business owners make is skipping this step and trying to throw anything and everything at the problem, before they even understand what the problem is.