The New and Improved PrecisePay®
Making Workers' Compensation Insurance Premium Payments Easier Through Pay-As-You-Go Automation.
PrecisePay is the EMPLOYERS (pay-as-you-go) premium payment program that allows 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 (view a list of approved providers).
How PrecisePay Benefits Your Business
- Easy access within the EMPLOYERS EACCESS® policyholder portal. No need to remember a separate login or sign in to two different systems.
- Simple Payroll Uploading. An intuitive design and user friendly prompts make the process simple. Businesses can report payroll summarized by state and workers’ compensation class codes, or based on individual employees, whichever is easiest!
- Improved Cash Flow. No deposit is required and premium payments can be paid in smaller, more frequent increments each time payroll is reported. Additionally, because premium is calculated based on actual payroll each pay period, PrecisePay can be a great option for businesses such as retail stores and restaurants that tend to staff up during certain times of the year and experience fluctuations in their payroll.
- Ability to use multiple bank accounts for your business locations. With PrecisePay, you can create groups for each of your separate business locations and assign different bank accounts for each location. This provides greater flexibility when making your premium payments.
- Time Savings. There are no checks to write since premium payments are automatically deducted from the policyholder’s savings or checking account each payroll period.
- Minimal Audit Variances. While PrecisePay does not eliminate the requirement of a final audit, the risk of a large final audit variance and a subsequent final audit payment at the end of the policy period is minimized.
- 24/7 online access. Policyholders can access their PrecisePay account online anytime to report payroll information, make payments and view premium and payroll details for previously-submitted information.
How Payroll is Reported with PrecisePay
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.
Get Started with PrecisePay
The minimum estimated annual premium to participate in PrecisePay is only $1,000. Talk to your agent today about enrolling in EMPLOYERS PrecisePay upon your next renewal.