Precision Payroll offers several options for paying your workers compensation premium each payroll*. Since workers
compensation premiums are based on actual payroll, more insurance carriers are aligning with us to collect premiums
each payroll.
This methodology eliminates the down payment and in most cases an audit because payroll by comp class is reported
each pay period. The policy is underwritten individually and at market rates.
A Typical Policy
10 to 40% Down payment at start of period
10 to 12 equal monthly payments of balance
Audit at Policy renewal
Credit or Invoice issued based on Audit results
Premium by Payroll
0 to 2 weeks initial payment
Actual premium due based on actual payroll reported to carrier
Debit for premium for pay period
95% elimination of audits
Minimal or no adjustments at renewal
Great cash flow tool
Getting Started
To get started, the following steps can be followed:
Complete a Determination & Proposal Request
Submit to Precision Payroll for a determination
Precision or an underwriter will contact you with the determination results
If approved for proposal, a quick application will be completed and submitted. A proposal will
be provided. (3-5 days)
* You must be using Precision Payroll of America’s payroll service to use Premium by
Payroll.
