As with any expenditure, home health care, hospice providers, and other health care organizations look for payment plan options and flexibility when it comes to Workers’ Compensation insurance.
Workers’ Compensation Payment Plan Options
Following are the payment plan options Manchester Specialty Programs offers with our Workers’ Compensation carrier partners.
One-Time Annual Payment Plan
Based on their estimated payroll data, insurers can choose to pay their annual premium in full. During a premium audit, any payroll changes will be reconciled at the end of the year to determine whether the insured owes money or the account should be credited. Payments can be made online, via an app, or by calling customer service. Checks, credit cards, and bank transfers are accepted. Insureds can also choose to send payment by post.
Installment Plan
Installment premium plans are available and typically come with a small down payment, between 10% to 25%. The remaining premium payments are spread over the policy term via weekly, monthly, or quarterly installments. This is good for an operation looking to preserve cash flow. As with a one-time annual payment, insurers provide payment access online, via an app, customer service, or post.
Pay-As-You-Go Plan
Policyholders can opt for a pay-as-you-go plan so that an insured pays a monthly premium based on actual payroll data, not estimates. The insured’s payroll service provides the payroll data via the insurer’s platform and pays the monthly premium. The insured doesn’t have to worry about audits or end-of-year reconciliation with the pay-as-you-go option. The insured can properly budget for pay-as-you-go insurance payments rather than paying a lump-sum payment and gets the benefit of keeping more cash on hand for other expenses. In addition, there is no down payment required or fees as with an installment plan.
Payroll Self-Reporting Plan
If the insured doesn’t utilize a payroll service company, a payroll self-reporting plan option is available that requires a deposit and 11 monthly installments. The insured reports payroll data monthly via the insurer’s online platform, and payments are drafted from the insured’s bank account.
About Manchester Specialty Programs
Manchester Specialty Programs specializes in providing agents and brokers with totally integrated business insurance solutions, including Workers’ Compensation coverage, to meet the needs of Home Care, Allied Health, and Human/Social Services organizations. Our carrier partners provide payment plan options to meet the budgetary needs of clients. For more information about how our products and services can help protect your insureds and how we recognize accredited firms, please contact us at 855.972.9399.