Workers’ Compensation Insurance
Year-end audits of workers’ compensation premium payments have produced some very unpleasant surprises for a lot of employers. Annual premiums quoted by insurance companies are an estimate of expected premiums based on projections of wages paid to employees in different job codes. Those numbers invariably change during the course of the year, and the estimated payments made during the year may fall well short of the actual liability. The easy way to avoid the unpleasant surprise is to join the thousands of employers on Pay-As-You-Go plans through their payroll service providers.
TriCore provides Pay-As-You-Go administrative services for most of the largest and best workers’ compensation insurance companies. In this type of plan, your actual workers’ compensation premium due is calculated precisely every month, based on the actual wages paid to employees. Under the Pay-As-You-Go plan, you pay premiums monthly as they are earned, with no upfront deposit and no year-end surprise.
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