Commonwealth Payroll & HR

Worker's Compensation

Commonwealth Payroll & HR features a cutting-edge pay-as-you-go worker's compensation and insurance premium calculation system.

Traditional Worker's Compensation

In most cases today, workers' compensation insurance premiums are based on estimated payroll figures determined prior to the policy period. In other words, premiums are based on a "best guess" approach without regard to seasonal fluctuations, industry down turns or other unforeseeable events.

The premium remains constant throughout the policy period excluding experience modifications or rate changes caused by uncommon anniversary rating dates. Premiums are reconciled or "trued up" after the Final Premium Audit is performed either directly by the insuring carrier or a third party auditing firm. The Final Premium Audit or FPA most often results in additional premium owed to the carrier.

Often there are unexpected or surprise payables that do not sit well with business owners and operators, and unforeseen business expenses can be troubling.

Worker's Comp using Our System

Worker's Compensation premiums are paid based on actual payroll figures provided by Commonwealth Payroll & HR or submitted directly to the carriers via a secure login. Our unique system allows insured companies to monitor their workers' compensation premiums like never before.

Many payroll companies provide reports which demonstrate the calculations for a given payroll cycle but do not compare or track the premiums during the policy period. With our system, estimated premium is actually compared to the actual earned or owed premium in real time.

Ask your Payroll Specialist for more information, click here: sales@commpayhr.com