What is Workers’ Compensation Insurance?
In most states, workers’ compensation provides wage replacement benefits and medical care for work-related injuries and illnesses. By law, virtually every employer must carry workers’ compensation insurance to cover all their employees.
Why Choose GTM Insurance for Your Workers’ Compensation
Our experienced insurance brokers work with a breadth of the top carriers, including The Hartford, Travelers, Chubb, New York State Insurance Fund, and many others, to find appropriate coverage and competitive quotes that provide the best options for your business.
For more than 20 years, GTM has secured workers’ compensation coverage, implemented safety programs, and managed employee claims for our clients to help them reduce costs, improve productivity, and create efficiencies.
We work with businesses of all sizes and in every industry and perform an initial assessment to find the right policy coverage, with the proper classing of your employees, that keeps you fully protected.
Based in Upstate New York, we can obtain coverage no matter where your employees are located and will provide exceptional service with unmatched personalized attention.
Why You Should Integrate Workers’ Compensation with Your Payroll Service
The GTM Insurance Agency offers workers’ compensation with a practical pay-as-you-go (PAYGO) solution to address cash flow issues resulting from unplanned audit surcharges.
Integrating your worker’s compensation policy with payroll through GTM Payroll Services can lower the risk of large down payments, minimize financing fees, eliminate audit adjustment charges, reduce the possibility of missed payment deadlines, and help with more efficient reporting and right classing of your employees.
With our PAYGO process, you’ll pay your premiums each pay period as your payroll is processed, eliminating unexpected premium payments and providing better control over your cash flow.
Otherwise, you’ll pay premiums upfront that are based on an estimate of your projected annual payroll. You could be subjected to installment fees and large audit adjustments that can significantly impact your available resources.
We can also automate your PAYGO payments and reporting, making it even easier than if you went through a broker not tied to your payroll. GTM’s payroll platform features automated, robust reporting tools as well as the ability to allocate insurance expenses in your general ledger. Easily access weekly, monthly, and year-end reports that detail your workers’ compensation expenses including wages, payments, and deductions.
There is no upfront premium deposit needed to initiate coverage with PAYGO and you can renew your policy with GTM each year at no additional cost.
PAYGO can be especially beneficial for manufacturers, nonprofits, restaurants, seasonal businesses, and others whose payroll changes depending on the time of year. With PAYGO, your workers’ compensation premiums adjust to your payroll changes.
How Much Does Workers’ Compensation Cost?
The employer pays for workers’ compensation insurance and costs depend on several factors, including your industry, payroll, and claims history.
The employer pays for workers’ compensation insurance and your premium is based on the following factors:
- Number of employees you have
- Type of work your employees do (higher-risk jobs require more coverage)
- Your state’s workers’ compensation laws (these can vary)
In some instances, you can choose different limits of coverage.
