Big Fish has partnered with several insurance brokers to offer Workers Compensation Insurance. Across the US workers compensation insurance remains an integral part of ensuring the coverage of medical claims for employees injured on the job. Here in the State of CA workers compensation rates have seen a steady decline in the premium costs to employers. If you are an employer in California you are required by law to carry Workers Compensation insurance.
The typical workers comp model requires that an employer pay an initial up-front down payment against projected payroll amounts and employee headcount. The employer is asked to provide periodic audits detailing eligible wages and associated premium costs. Often during this audit a check must be written to the insurance carrier to cover that audit period’s workers comp premium amount. This can often result in some "sticker shock", especially when it is a several - thousand dollar expense that must be paid immediately.
A unique workers comp premium payment model offered by Big Fish, and our partners, is called "Pay as you go".
After each payroll is processed Big Fish automatically sends to our broker(s) a detailed list of the employees’ eligible workers compensation wages. The broker then forwards that wage data to the specific company that insurance coverage has been bound with. The insurance company then sends an email to the employer stating how much the current payrolls workers comp liability is. The premium amount is then deducted from the employer’s bank account.
Advantages to this model include:
- No up-front premium down payment
- Improved cash flow
- No invoices
- No premium checks to write
- Automatic premium payments via ACH debit
- Minimize and/or eliminate any audit surprises
- It is very easy. Big Fish does all the heavy lifting
Our partner broker(s) only use A.A. Best rated "A" carriers.
Please call us to answer any questions you may have, and receive a free consultation and quote from our broker(s).
Big Fish Payroll Services LLC is not licensed to sell or offer insurance products.