Zurich Construction adds Workers’ Comp payroll reporting flexibility
Zurich North America has introduced a payroll reporting option for construction companies that have Workers’ Compensation coverage with the insurer.
The Zurich Workers’ Compensation Flexible Payroll Reporting Option – launched in partnership with pay-as-you-go workers’ compensation solution provider SmartPay – enables weekly, bi-weekly, semi-monthly, or monthly payroll reporting.
Features of the monthly payroll reporting option include:
- Real-time premium calculations based on payroll reports.
- Automatic premium withdrawal via Automated Clearing House (ACH).
- Payments spread out over 12-month period.
- No down payment for companies who choose automated payroll reporting. Ten percent cash collateral is required of non-automated reporters.
The solution can reduce Workers’ Compensation audit exposure and streamline the audit process upon policy expiration or cancellation.