Workers' compensation is vital in protecting workers for injuries that occur in the workplace. Numerous industries greatly benefit from a workers' compensation plan as it shows employees that the company cares about their health and safety while on the job. Regardless, state law requires that an employer provide its staff with workers' compensation insurance.
To make your workers' compensation premium easier to manage, Strovis Insurance has created two different options for our clients. Strovis Insurance first offers the Pay-As-You-Owe Agency for clients who qualify. This plan requires that an employer pay a small down payment and only requires premium fees based on the actual grossing payroll.
Another option offered is Premium Escrow, available through our sister company, Strovis Payroll. The Premium Escrow option allows our team to calculate your premium per pay period and add it to your payroll invoice. We hold the money you're paying for workers' compensation in escrow until your monthly bills are due. It doesn't matter if your premium was estimated too high or low at the start of your year's plan, as we will only collect the amount that is due. If you choose to pay your premium on payroll dollar each pay period, you are ultimately increasing your cash flow and any large audit premiums will be removed at the end of your plan year.