Annual Workers Compensation Insurance with Annual Reporting
This option has always been a very popular type of insurance policy. After submitting your information to our many insurance carriers, your Work Comp insurance agent will have a quote that is based on the estimated annual payroll. The carrier will then offer either a payment in full or low monthly payments option for you based on that estimate. This option is good for businesses that have a good understanding of their estimated annual payroll.
Annual Work Compensation Insurance with Monthly Reporting:
This option, which is by far the most popular and works the same as the annual worker compensation insurance policy noted above with one major difference. Instead of making monthly premium payments based on the original employee payroll estimate, each month the business submits a report to the workmans comp insurance carrier with their exact monthly payroll by class code. The total premium is then calculated for that particular month and the resulting monthly premium payment is then submitted to the carrier. This option, which was very limited until only a few short years ago, allows for the business to avoid over or under paying their workers comp insurance premiums and helps to eliminate sometimes shockingly large insurance audit bills at the end of the policy. Your insurance broker at Ballast Point Insurance Services will always work very hard to make sure that you are able to receive competitive prices from Annual Worker Compensation Insurance Companies that allow for monthly self reporting.
The cost of workers’ comp insurance can vary widely depending on these options, so if you are comparing premium costs, you need to be aware of these variables.