What Is Pay-As-You-Go Workers’ Comp?

Having workers’ compensation insurance isn’t only a smart business move for all business owners but is also required by law. Most business owners don’t have a lump-sum readily available for workers’ compensation premium payments, which can take its toll on your business. That’s why at OCMI, we offer Pay-As-You-Go workers’ comp programs.

Pay-As-You-Go workers’ compensation allows you to make premium payments each time you run payroll. Your workers’ comp insurance liability is spread out throughout the year.

If you add or lose employees, your premium liability will go up or down, simulating a utility bill, “you only pay for what you use.”

At OCMI Workers Comp, we offer Pay-As-You-Go as an alternative to traditional workers’ comp plans. Our programs are designed for you, not the carrier.

Here is a comparison of how it works.

  • Down payment
  • Payment type
  • Premium payment schedule
  • Financing charges
  • Net checks cash flow program
  • Post audit adjustments
Traditional Method
  • Up to 25% down payment required
  • Estimated based on payroll projections
  • Paid monthly, quarterly or annually
  • Yes
  • No
  • Potential costly adjustments if payroll was underestimated
  • Zero down
  • Exact payments
  • Paid weekly/Bi-Weekly
  • No
  • Yes
  • Simplified(No surprises)

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