PrecisePay is the EMPLOYERS® (pay-as-you-go) payment program that allows policyholders to make smaller, more frequent premium payments each payroll period. PrecisePay calculates workers’ compensation premiums from actual payroll figures you submit, and automatically includes state-mandated assessments, taxes, and surcharges in accordance with state laws. Learn exactly how PrecisePay can help:
- Improve your business’ cash flow
- Provide payment flexibility
- Better your audit experience
- Save you time
How PrecisePay Benefits Your Business
Time & Convenience
- Easy 24/7 online access within the EMPLOYERS EACCESS® portal. Policyholders can access PrecisePay online anytime to report payroll information, make payments and view premium and payroll details for previously-submitted information. To get started, talk with your agent or request a quote!
- Simple Payroll Uploading. Our PrecisePay portal features user-friendly prompts to make the process simple. Businesses can report payroll summarized by state and workers’ compensation class codes, or based on individual employees, whichever is easiest.
- Ability to use multiple bank accounts for your business locations. PrecisePay offers greater payment flexibility, allowing you to create groups for each of your separate business locations and assign different bank accounts as needed.
- Payroll vendor integrations. Over 20 different Payroll vendors integrate directly into PrecisePay and are approved to report payrolls on your behalf.
Improve Cash Flow
- We understand busy seasons fluctuate. With PrecisePay, policy premiums are calculated based on actual payroll each pay period, making it a great option for businesses such as retail stores and restaurants that tend to staff up during certain times of the year, or any business that experiences fluctuations in their payroll.
Ease at Audit Time
- Minimal Audit Variances. While PrecisePay does not eliminate the requirement of a final audit, the risk of a large final audit variance and associated final audit payment at the end of the policy period is minimized.
How Payroll is Reported with PrecisePay
Payroll information can be submitted to EMPLOYERS either by a policyholder or by their approved payroll service provider (view a list of approved providers). Payroll information is reported to EMPLOYERS via a secure website portal by using one of the three following methods:
- Upload a file from your payroll system.
- Complete and upload an interactive Excel template provided by EMPLOYERS.
- Enter the information directly.
You set the reporting frequency that’s right for your business; payrolls can be reported weekly, bi-weekly, semi-monthly or monthly.
Get Started with PrecisePay
There is a minimum estimated annual premium to participate, talk to your agent today about enrolling in EMPLOYERS PrecisePay upon your next renewal.
More on Pay-As-You-Go Workers’ Compensation
For more information on PrecisePay, check out our frequently asked questions, enrollment and eligibility, and our current list of approved payroll vendors.