The New York State Insurance Fund (NYSIF) announced that it is expanding its pay-as-you-go premium payment plan, NYSIF PAYGO, to include additional payroll service companies.
NYSIF said PAYGO is a simple and convenient way for eligible policyholders to pay their workers’ comp insurance through approved payroll processors.
PAYGO allows NYSIF to calculate premiums based on the actual payroll, using figures for gross wages as well as bonuses and other types of compensation.
For each payroll, the payroll processors would report to NYSIF up-to-date figures for employees’ compensation and their respective employment classification code.
More accurate premium calculations can mean smaller audit adjustments at the end of the policy period. In addition, PAYGO policies are not required to pay a premium deposit.
NYSIF said PAYGO’s benefits include: eliminating down payment requirements; calculating more accurate premium payments by using actual payroll, resulting in smaller audit adjustments; and allowing policyholders to match payments to cash flow.
NYSIF policies with annual premium between $1,000 – $250,000, or policies with annual premium larger than $2,000 for all contracting codes except roofing, are eligible to enroll in PAYGO at policy issuance or renewal. NYSIF does not charge a fee for the program. However, payroll companies may assess a small fee.
NYSIF is a not-for-profit agency of the State of New York that was established in 1914 to provide a guaranteed source of workers’ comp insurance coverage within New York State.
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