The New York State Insurance Fund, also known as NYSIF, is New York State’s Largest Workers’ Compensation & Disability Benefits Carrier. The insurance fund has now approved FingerCheck as a payroll partner in which to handle Pay-As-You-Go Workers’ Compensation payments.
Eligible policyholders can now enroll in NYSIF PAYGO, a model of workers’ comp that allows employers to pay their workers’ comp insurance payments, each payroll, through approved payroll processors like FingerCheck. While some private insurance carriers also offer pay-as-you-go payments through FingerCheck, private carriers can be more selective in offering workers’ comp policies. NYSIF however, is a public insurance carrier that makes it less challenging to secure a policy.
This convenient pay-as-you-go model offers many benefits:
- Eliminates down payment requirements
- Calculates premium based upon actual payroll
- Calculates more accurate premium payments, resulting in smaller audit adjustments
- Allows policyholders to match payments to cash flow
If you have an NYSIF workers comp’ plan and would like to enroll in NYSIF PAYGO using FingerCheck to handle your payments, email them at email@example.com. Once you’ve emailed NYSIF about participating in NYSIF PAYGO, you will receive an email from InsurePay explaining how to complete enrollment. Once you are successfully enrolled, InsurePay will get in contact with us, and we will calculate and remit premium payments to NYSIF on your behalf.
FingerCheck allows you to pay accurate premiums with little to no effort. Check to see if your current workers’ comp insurer offer pay-as-you-go payments with FingerCheck, just like NYSIF does now. If you’re not a FingerCheck360 customer, consider consolidating your costs by signing up today.