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Insurance

Payroll reporting

Overview.

Method partners with SmartPay to bring employers more flexible options for paying their premium. Through regular payroll reporting, premium will be calculated based on actual exposure and automatically deducted from the insured's bank account.

Benefits to insureds

  • Improved cash flow management
  • Real-time premium calculations
  • Avoid overpaying or underpaying
  • Simple online reporting system
  • Automatic withdrawal of payment
  • Easier year-end audit. Lower risk of premium due

Two options for paying premium based on actual payroll

 

Payroll vendor reporting

Self-reporting
Deposit* 0% 0%
Annual fee $339 $339
Automatic reporting YES** NO***
Automatic payment YES**** YES****
Simple set-up YES YES
Online access YES YES

FAQ

How does payroll reporting work?

 Method partners with SmartPay to offer insureds the option to pay their workers' compensation premiums based on actual payroll "as-they-go" — either through an approved payroll vendor or by self-reporting.**

Who is eligible for payroll reporting?
  • Estimated annual premium greater than $15,000
  • Full-term policy inforce with Method
  • If a risk is eligible, the Payroll Reporting Option through SmartPay will be available and listed on the Quote Proposal for you to present to your insured.
  • If the insured does not report payroll timely, Method has the right to move the insured to an installment plan.

How do insureds sign-up?

 Once an account is bound with Method, our payroll administrator, SmartPay, will contact the insured via email to set up their online account. SmartPay will provide full instructions on their easy-to-use system for reporting payroll each month.

How much does payroll reporting cost?

 SmartPay charges policyholders $339 annually, which is collected at the first reported payroll.

Are commissions paid differently for insureds on payroll reporting?

 No. Commission payments will continue to be processed on a monthly basis as premium is collected, based on the annual written premium. Any audit premium transactions will also come through the normal commission process as well.
* Accounts with annual premium < $25,000 require a 15% deposit.
** Approved vendor list
*** Need help with your reporting? If your payroll vendor doesn't integrate with SmartPay, or you don't use a payroll vendor, SmartPay can do your payroll reporting for you for an additional annual fee of 350. Learn more about SmartPay Reporting Service (SPRS)
**** ACH withdrawal

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