Monthly reporting encourages awareness
We have all been there before. Life throws you into a whirlwind and you forget about that one bill. Or maybe you recently switched banks and did not update your information with that one company. It happens to you and it happens to your clients.
Insurance is not at the forefront of many business owner’s brains (outside the insurance industry), let alone workers’ compensation insurance. Having an easy and streamlined way of making payments can be all the difference between “in-force” and “lapsed” for a client. Monthly reporting and automatic payments may be the perfect solution for your clients’ workers’ compensation policy.
As opposed to estimating annual payroll, monthly reporting requires your clients to report their actual payroll figures each month. This allows for a precise premium to be billed each month, which means no surprises come audit time. The monthly reporting option is available with most of our carriers, each with their own systems and support for your client to learn the process and assist with issues that may arise.
With the monthly reporting option, automatic payments are a common combination. Aside from convenience, it assures payments owed do not go forgotten. Of course, this is also an option outside of monthly reporting, but one is highly recommended with each other.
The monthly reporting of payroll and automatic payments provides a way for clients to stay in touch with their workers’ compensation policy. This correlates with a better non-payment cancellation rate and gives awareness to a policy that a client may otherwise not think about. Pitch this with every workers’ compensation inquiry and see the benefits yourselfShare on Facebook Share on LinkedIn
Posted by Greg Bowen, Workers Comp on Jul 21, 2021