New for work comp: Pay as You Go billing

Pay as You Go billing for workers compensation is now available at UFG

This popular billing option is now available for work comp policies, offering your customers flexible premium payments with less strain on cash flow.

When we learned how important it is for your customers to have a pay-as-you-go billing option on their work comp policies, we knew we had to make it our top priority at UFG Insurance. And today, we’re excited to share that we’ve partnered with SmartPay Solutions to offer Pay as You Go for your work comp business.

With Pay as You Go, work comp premium is calculated based on one’s actual reported payroll rather than an estimate, giving policyholders the option to pay on a weekly, bi-weekly, semi-monthly or monthly basis. This allows for more accurate and flexible premium payments for business owners, causing less strain on cash flow throughout the year.

Other benefits include:

<•>No down payment at binding.

<•>No locked-in flat monthly installments.

<•>Less chance of unwelcome surprises at final audit.

Pay as You Go is available to work comp policyholders who self-report their payroll or use a payroll vendor. It provides a simple payment solution for many types of business owners, particularly those with seasonal work and fluctuating payrolls, such as contractors.

Please note that Pay as You Go for work comp is not currently available when the coverage is part of a BOP policy at UFG; however, this is a planned future enhancement for 2024.

How does it work?

<•>If a policyholder opts to take advantage of Pay as You Go, the work comp policy <<>will be written as a separate policy for billing purposes.

<•>The policyholder will receive an email from SmartPay Solutions

<<>([email protected]) with instructions on how to complete the online <<>registration process for Pay as You Go.

<•>Once registered, the policyholder or payroll vendor is responsible for reporting their <<>payroll within seven days following the payroll check date/reporting date.

<•>If there is no payroll for that period, a “zero payroll” should be reported.

<•>After payroll is reported, the premium is then calculated based on payroll totals and <<>automatically deducted from the policyholder’s bank account via ACH transfer.

We at UFG are pleased to offer this new billing option through SmartPay Solutions — making our work comp protection work better for you and your customers.

To take advantage of Pay as You Go, for your customers, simply inform your underwriter. For additional details, take a look at our helpful FAQs for agency partners or contact your UFG marketing rep.

VIEW PAY AS YOU GO FAQS

Think UFG for your work comp business

UFG offers work comp as part of our package policies, affording you and your customers the opportunity to keep all coverages together. Hear from our Work Comp Line of Business Leader Kelly Goins to learn more about our commitment to partnering with you on work comp business.

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