This page is for franchise owners with employees who want workers compensation that follows their real payroll. Rikor offers pay-as-you-go workers comp.
How it works
With a standard workers comp policy, you pay up front based on an estimate of your payroll for the year. At the end of the year the carrier audits your actual payroll, and if you grew, you get a bill for the difference.
With pay-as-you-go, your payroll provider reports each payroll to the insurance company and your premium is billed from that payroll. You pay for the payroll you actually ran, as you run it.
- Smaller down payment. You don't pay for a full year's estimate on day one.
- Fewer audit surprises. Premium tracks your real payroll all year, so the year-end audit has less to correct.
- Fits a growing business. Hire in your busy season and the premium follows. Slow down and it drops.
What you need
Pay-as-you-go works with most payroll providers, including ADP, Paychex, Gusto and QuickBooks Payroll, and with most of the insurance companies we place workers comp with. Your consultant confirms that your payroll provider and carrier work together before you buy.
You still have an audit at the end of the policy year. It's usually small, because the premium has followed your payroll all along.
How to get it
Ask your consultant for pay-as-you-go when you get your workers comp quote or at renewal. If you're new to Rikor, start with Getting insured with Rikor. Already insured with us? Email support@rikor.io.
Related: Premium audits: what they are and how to avoid surprises ยท How to pay your insurance bill and set up autopay