InsureLinx has announced the release of the Pay As You Go business insurance solution for carriers and brokers to offer workers' compensation to their clients.
In the past, workers' compensation insurance premiums have been based on estimated payroll figures determined prior to the policy period without regard to seasonal fluctuations, industry downturns, or other unforeseeable events. The InsureLinx program is integrated with the payroll services InsureLinx customers already enjoy.
With this approach, there are no upfront deposits or finance charges for premiums. Traditional workers' compensation policies require a significant upfront payment to get a policy in place.
The Pay As You Go Program is designed to work with many popular payroll software programs and requires little administrative time from the payroll provider. The system allows all parties to view policy and premium data and tracks and reports payments made to 1099 employees and other subcontractors.
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