Zurich North America has introduced a flexible payroll reporting option for construction companies that have Zurich Workers’ Compensation coverage. The Zurich Workers’ Compensation Flexible Payroll Reporting Option helps construction customers manage their cash flow and the uncertainty often associated with annual workers’ compensation premiums.
The solution is the result of a collaboration with SmartPay, a provider of pay-as-you-go workers’ compensation solutions. It enables weekly, bi-weekly, semi-monthly or monthly payroll reporting.
Features of the monthly payroll reporting option include:
• Real-time premium calculations based on payroll reports.
• Automatic premium withdrawal via Automated Clearing House (ACH).
• Payments spread out over 12-month period.
• No down payment for companies who choose automated payroll reporting. Ten percent cash collateral is required of non-automated reporters.
The solution can reduce Workers’ Compensation audit exposure and streamline the audit process upon policy expiration or cancellation. Construction companies interested in enrolling in the option should talk with their broker about it when the time comes to purchase or renew their Workers’ Compensation policy.