Making Premium Payments Easier Through Pay-As-You-Go Automation
PrecisePay is EMPLOYERS new pay-as-you-go billing system. PrecisePay allows policyholders to make smaller, more frequent premium payments each payroll period. The system calculates the workers’ compensation premium amount based on the actual payroll figures submitted to us each time payroll is processed and reported. State-mandated assessments, taxes and surcharges are collected in the first premium deduction for the policy. Payroll information can be reported to EMPLOYERS either directly by the policyholder or by their payroll service provider.
Policyholders or their payroll service provider can report payroll information into a secure, online website by using any of the three following methods:
Benefits of the Program
- Upload a file from the policyholder’s payroll system.
- Complete and upload an interactive Excel template provided by EMPLOYERS.
- Manually enter the information.
- Improves cash flow - no down payment and premium is paid in smaller, more frequent increments each time payroll is processed and reported.
- Saves time – there are no checks to write since premium payments are automatically deducted each payroll period.
- Minimizes audit variances – premium is calculated based on actual payroll at each pay period. This minimizes the risk of large audit variances at the end of the policy year.
- 24/7 online access – policyholders have access to their
PrecisePay account to report payroll information and view premium and payroll
details on previously-submitted information. EMPLOYERS administrators
provide PrecisePay accounts to participating policyholders.
Eligible new business and renewal accounts can enroll at the time of policy issuance.
For new business:
- Select PrecisePay on the Policy Information screen in EACCESSSM.
- Make sure the PrecisePay pay plan is highlighted on the Quote screen.
When the workers’ compensation insurance policy is issued, you will be provided with assistance in setting up the pay-as-you-go premium payment deductions and selecting a payroll reporting method.
- Agents, ask your Underwriter to place the policy in the PrecisePay system.
The policyholder must authorize automatic transfers from their bank account.
Keep bank account information current within the PrecisePay system.
Submit payroll information each time payroll is processed. Failure to report payroll or pay premium when due will subject the policy to cancellation.
Comply with premium audit requests. Premium audits are performed on all policies. A benefit of PrecisePay is that it may minimize the amount of an audit adjustment. However, missing payroll information or misclassifications may still occur during the policy period, resulting in an audit adjustment after the premium audit.
For More information About PrecisePay
- Policyholders: please contact your Agent.
- Agents: please contact your Sales Executive.