Pleasanton, Calif.-based E-Comp has released a wholesale broker program called E-Comp that allows brokers to compete in the pay-as-you-go marketplace with a workers’ compensation insurance program.
Workers’ compensation integrated with payroll has gained popularity across the country, according to the company. Thus, E-Comp was developed to help America’s small businesses by eliminating expensive down payments and improving cash flow. Every time payroll is processed (weekly, bi-weekly, monthly), workers’ compensation premium is calculated on that pay period and deducted automatically. There are no checks to write or monthly reports to complete, and there is little or no additional audit paperwork or adjustments.
Traditional workers’ compensation policies require employers to pay their premium in advance in the form of a 10 percent to 25 percent deposit. The premium is based on the employer’s “best guess” estimate of what their payroll will be for the coming year. Most of the time payroll is under-estimated, resulting in adjustments at the end of the policy year. The year-end audit process can be time consuming and sometimes the amount owed can come as an unwelcome surprise, the company said.
Granite Insurance Brokers, founded in 1994, is the program administrator for E-Comp. The program was previously available exclusively through independent payroll companies and is now available to insurance brokers on a wholesale basis. Coverage is written through a number of highly rated insurance carriers and the product is driven by a custom-built proprietary system.
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