PrecisePay is the EMPLOYERS pay-as-you-go premium payment system which allows EMPLOYERS policyholders to make smaller, more frequent premium payments by paying each payroll period. PrecisePay calculates the workers’ compensation premium from a business's 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 by a policyholder or by their approved payroll service provider.
How Payroll is Reported
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.
Benefits of PrecisePay
- Improves 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 the premium is calculated based on actual payroll each pay period, the risk of large audit variances at the end of the policy period is minimized.
- 24/7 online access – Policyholders can access their PrecisePay account to report payroll information and view premium and payroll details on previously-submitted information.