FingerCheck360 Now Offering Workers’ Compensation Insurance!
We are excited to announce that you can now purchase a workers’ compensation insurance policy through FingerCheck360!
In order to offer our clients high-quality coverage, we have partnered with AP Intego, a leading brokerage firm that sells workers’ comp insurance. Workers’ compensation is a mandatory cost for all businesses in most states, but the expense can be made more affordable with FingerCheck.
Until recently, companies were forced to estimate their employees’ wages for the entire year in order to pay their compensation in advance based on a) their employees’ wages and b) the rate assigned to each job. The more dangerous the job, the higher the rate per every $100 earned.
At the end of the year, businesses were asked for a workers’ comp premium audit, requiring them to provide quarterly reports of their earnings in order to accurately look back and determine whether they owed more money or qualified for a reimbursement.
Not only did this present administrative challenges, it also required employers to pay a major cost upfront before the year had even begun.
Insurance carriers, recognizing the need for a new system, introduced “Pay As You Go,” a model that allows employers to pay their premiums with each payroll. This saves employers on upfront costs, and ensures a higher level of accuracy.
When you get a plan through FingerCheck, you can “Pay As You Go” and get the highest level of accuracy possible thanks to FingerCheck360’s custom job costing. If you have employees that switch between different jobs or tasks, FingerCheck360 can break down their hours and accurately account for all the jobs they work.
This means if your employee works twenty hours as an office assistant, and twenty hours out in the field, the premium you pay factors in the big picture each payroll cycle. Each pay period, FingerCheck360 will send over the total pay for each employee, based on the work hours broken down by its workers’ comp code.
And the insurance company will then debit your account with no action needed on your end.
If you use Quickbooks or Quickbooks Online for accounting, you can also bring these costs into a general ledger each time you export your payroll so you can accurate review your expenses, even broken down by employee.
By adding workers’ comp to FingerCheck360, you can manage your time tracking, payroll, and workers’ comp insurance, on just one platform. This streamlines all your services to one solution, making life much easier for you.