Making Premium Payments Easier Through Pay-As-You-Go Automation
At EMPLOYERS, policyholders are provided with a number of value added services - such as PrecisePay. PrecisePay is EMPLOYERS "pay-as-you-go" premium payment system which allows a policyholder to make smaller, more frequent premium payments by paying premium each payroll period. PrecisePay calculates workers’ compensation premium from actual payroll figures and assigned classifications each time payroll is processed and submitted to EMPLOYERS. State-mandated assessments, taxes and surcharges are collected in accordance with state law. Payroll information can be submitted to EMPLOYERS either directly by the policyholder or by their approved payroll service provider.
As an agent, PrecisePay is available to your clients and can be sold as a special payment alternative when discussing EMPLOYERS workers' compensation insurance with prospects.
Payroll information is reported to us via a secure website portal by using one of the three following methods:
Benefits of PrecisePay
- Upload a file from the policyholder’s payroll system.
- Complete and upload an interactive Excel template provided by EMPLOYERS.
- Enter the information directly.
- Improves policyholder cash flow - no deposit premium is required, and premium is paid in smaller, more frequent increments each time payroll is reported.
- Saves time – there are no checks to write since premium payments are automatically deducted each payroll period.
- Minimizes audit variances – because premium is calculated based on actual payroll each pay period, the risk of large audit variances at the end of the policy is minimized.
- 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.
Policyholder Enrollment & Eligibility
Eligibility is limited to policies with annual premium of $2,500 or greater. Eligible new business and renewal accounts can enroll only prior to policy issuance.
For New Business:
- Select PrecisePay on the Policy Information screen in EACCESS®.
- Make sure PrecisePay is highlighted on the Quote screen.
EMPLOYERS will provide the policyholder, or their designated administrator, with assistance in setting up the "pay-as-you-go" premium payment deductions and selecting a payroll reporting method.
- Ask your EMPLOYERS Underwriter to place the policy in PrecisePay.
Eligible Policyholders Must:
- Authorize automatic (ACH) payments from their bank account by completing the online form.
- Maintain current bank account information 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 EMPLOYERS policies. A benefit of PrecisePay is that it may minimize the amount of an audit adjustment. However, inaccurate payroll information or incorrect job classification could occur during the policy period, which may result in an audit adjustment after the premium audit.
For More Information About PrecisePay
- Agents: please contact your EMPLOYERS Territory Manager.
PrecisePay: Frequently Asked Questions for Agents