At MEM, we know that work comp premiums can hinder a business from choosing a workers compensation insurance carrier. Finding an insurance billing option that aligns seamlessly with your company’s needs can be a game-changer. That’s why we created Pay as You Go, an innovative billing method that empowers businesses to connect work comp premiums with real-time payrolls.
Watch below as Revee White, MEM’s Director of Marketing Communication, explains Pay as You Go and how it can benefit businesses.
This billing option ensures that you pay work comp premiums based on your actual payroll throughout the year. It eliminates the need for estimated premiums and provides a more accurate financial picture.
Powered by InsurePay, signing up for Pay as You Go is a breeze. Once enrolled, you’ll receive an email to join the InsurePay portal. The portal allows you to upload payroll based on your weekly, biweekly, or monthly schedule.
The business benefits
For any business owner, saving time and managing cash flow are top priorities. Work comp is traditionally paid based on estimated premium payroll throughout the year. By adopting Pay as You Go, you align your monthly payments with your actual payroll. This minimizes the risk of audit surprises and ensures your employees are adequately protected.
Enrolling in Pay as You Go
It’s crucial to note that businesses can only sign up for Pay as You Go when initiating a new policy or at renewal. Consulting with your agent during these key periods ensures a smooth transition. Accurate employee classification is paramount, and working with our Premium Consultation team guarantees you’re on the right track.
The payroll classification conundrum
One of the challenges with work comp and certain industries is ensuring employees are designated under the proper class codes. Just like your typical work comp premium estimate, ensuring employees are classified appropriately can make a big difference. If you have questions or need help ensuring an employee is classified appropriately, our Premium Consultation team is a valuable resource to help ensure your employees are correctly classified.
A seamless experience
MEM’s commitment to workplace safety shines through with Pay as You Go. By investing in this billing option, you streamline administrative processes and free up funds for workplace safety initiatives, furthering the win-win scenario for everyone involved.
Pay as You Go offers flexibility in payment methods, allowing businesses to pay via credit card or ACH. This works well with cash flow changes and opens the door to other benefits. For example, earning valuable loyalty points through credit card companies.
Streamlining the experience for producers
Producers can leverage Pay as You Go as a potent selling tool, especially when competing against national payroll companies. This billing method streamlines the work comp experience, aiding clients in managing cash flow and providing an enhanced insurance experience.
Pay as You Go emerges as a beacon of financial flexibility and efficiency in the insurance landscape. By adopting this billing method, businesses can bid farewell to audit surprises, enjoy seamless experiences, and invest in workplace safety – ultimately paving the way for a prosperous and secure future. Learn more at https://www.mem-ins.com/coverage/payasyougo/.