E-COMP – Payroll and Workers’ Compensation In One Integrated, Pay-As-You-Go Program
|
Traditional Workers’ Comp.
(The Old Way) |
Pay-As-You-Go Workers’ Comp.
(The New Way) |
|
|
Deposit/Down Payment
|
25% Minimum
|
No Deposit/No Down Payment
|
|
Premium
|
Estimated, based on projected payroll
(usually underestimated) |
Calculated on actual payroll at each pay period
|
|
Reports
|
Monthly/quarterly audit reports to complete
|
No monthly or quarterly audit reports to complete
|
|
Audit
|
Year-end on site or phone audit, documentation
required, additional premium due or refund |
Simplified audit process, minimized potential for
audit adjustment and no additional paperwork (unless state or carrier mandated) |