Pay-as-you-go workers’ comp is a payment plan that calculates your workers’ comp premiums each pay period based on your actual payroll amounts. Because it’s recalculated for each payroll cycle, rather than all at once upfront, you only pay for what you need.
With Hourly’s pay-as-you-go workers’ comp solution, premiums are automatically taken out of your payroll and sent directly to your insurance carrier. It’s an easier, cost-efficient solution to workers’ comp payments.
Compared to traditional workers’ compensation—which estimates your annual payroll and requires lump sum payments—pay-as-you-go pricing is much more efficient and small business friendly.
1. Traditional workers’ comp:
2. Pay-as-you-go workers’ comp:
Hourly calculates workers’ comp using class codes and risk analyses for each pay period. That means we look at the jobs your employees perform each payroll cycle and the risks associated with those, your industry, and company history—and calculate your workers’ comp premiums accordingly.
We adjust pricing as class codes change, and we use your actual payroll data to bring you the most accurate, affordable workers’ compensation coverage on the market.
Hourly is a payroll and workers’ comp platform designed to make life easier and more affordable for small businesses.
While we’re not an insurance agency and don’t offer insurance through our platform, we partner with A-rated insurance carriers to drive down high insurance premiums and make workers’ comp more cost-effective.
While most states require business owners to have some sort of workers’ comp insurance in place, certain states allow small businesses with a certain number of employees to get around the requirement.
Workers’ comp (short for workers’ compensation) is a type of insurance paid for by employers. It ensures that you have funds in place to compensate your workers if they sustain an on-the-job injury or illness.
While employers in North Dakota, Ohio, Washington, and Wyoming must purchase directly from their state (these are known as monopolistic states), in most other places, states allow employers to purchase from any state or private insurance company.
Hourly offers affordable, pay-as-you-go workers’ comp pricing, plus a convenient payroll service and time tracking platform. We work with small business owners to lower premium payments, improve your cash flow, and help you run payroll in seconds. Talk to your insurance provider to get started with Hourly today.
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