Underwriting – Pay As You Go Billing Plan
Tired of Prepaying Premium?
Want to improve cashflow?
Worried about Unexpected Bills?
Then PayGo is the way to go!
PayGo is an automated electronic payment option that determines your workers’ compensation premium as you run your payroll!
Benefits of PayGo
- Eliminate the deposit premium and improve cash flow.
- Systematically automate premium payments
- Avoid payment deadlines and possibility of being cancelled
- Reduce the likelihood of large, unexpected audit bills.
- Have better control over expenses and improve profitability.
PayGo Facts
- Policyholders can enroll in NYSIF’s PayGo Program at any time during the policy period.
- Policyholders can participate through their payroll provider or can choose to self-report.
- PayGo is open to all policyholders, Contractors are subject to a minimum estimated premium of $2,000.
- Policyholders will not receive a bill during the PayGo period unless there is a balance related to a prior period.
- There is no fee from the carrier but if you use a payroll processor, they may assess a fee for their services.
- Premium will be billed on the payroll that you process, eliminating the need to prepay premium and improving cash flow.
- Policyholders are still subject to an audit; however, the process is streamlined reducing the likelihood of additional premium charges.
Want to Enroll in PayGo – We’re Here to Help
Please contact Lovell’s Underwriting Department at 212–709–8650 or by email at: Underwriting@LovellSafety.com for assistance.
