Workers’ compensation insurance
Paychex and the right workers’ compensation coverage can bring stability to your cash flow
Workers’ compensation insurance traditionally covers the medical expenses and lost wages of an employee injured on the job.
Almost every state in the United States requires employers to carry workers’ compensation insurance. So it’s not just a matter of finding the right policy for your business but also how you’ll manage it in a way that minimizes the potential impact on your cash flow. We can help you do just that.
Paychex Insurance Agency offers workers’ compensation insurance plans from A-rated national carriers, while our integrated Workers’ Compensation Payment Service* gives you smarter, more cost-effective ways to manage your policy and improve your cash flow.
Many businesses are required to have workers’ compensation coverage
All businesses with employees need workers’ compensation coverage, and policies are mandatory in almost every state. Recent statistics on workplace injuries make it easy to understand just how important a workers’ compensation policy will be when you need it.
- 2.8% of workers suffered a job-related injury in 2018.**
- More than half of the recorded injuries required reassignment or time away from work.
- Overexertion is the most common type of on-the-job injury, followed closely by slips and falls.
- Injured workers missed work for an average of nine days
What sets our workers’ compensation apart?
- Simplify your premium payments
Through Paychex payroll, we automate premium deductions to occur at the same time as your payroll deductions, sending the premium payments directly to your carrier. It couldn’t be easier.
- Make sure your coverage fits your business
A licensed Paychex Insurance Agency representative will conduct a business analysis to help ensure that you and your employees are properly covered.
- Renew your coverage at no additional cost
It’s easy to renew your workers’ compensation insurance each year, and no additional deposits or payments are required to continue with the Workers’ Compensation Payment Service.
- Find the right workers’ comp policy for your business
As an independent insurance agent, we’ll find the best coverage options and present you with a fair, competitive quote.
- Use our monthly reports to understand your insurance expenses
Know exactly where you stand with all subject wages, deductions, and payments through timely month- and year-end reports.
- Protect your cash flow with predictable premiums
By integrating your workers’ compensation policy with Paychex payroll, we can calculate and collect the actual premium owed every pay period, based on your actual payroll amounts. This dramatically reduces the risk of surprise premiums, financing fees, large down payments, or balloon payments that could devastate your cash flow.