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Keeping Your Business Covered |
Maintaining a Workers' Compensation policy may seem like a no-brainer, but the importance of keeping your policy up-to-date shouldn't be overlooked. These two simple steps can help ensure that your policy remains active, and your business is sufficiently covered.
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Process your payroll every 30 days. Per ADP's Pay-by-Pay® Premium Payment Program agreement, your workers' compensation policy premium is collected by ADPIA when you process your payroll*, then remitted to the carrier. Therefore, if a payroll is not processed, the premium is not collected and remitted to your carrier, putting the insurance policy at risk of cancellation.
Seasonal Businesses should always notify ADPIA the time that they expect to be out of business for a seasonality period. Some carriers are seasonality friendly, so the more we knew, the better we can help work with the carrier to keep the policy active.
Clients who are not utilizing the Pay-by-Pay program for premium payments, will receive an invoice from their respective carrier. Premium payments should be paid directly to the carrier when payment is due. |
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If any changes occur with your business, contact us. Have you started doing business in a new state, had a change in business operations, adjusted types of wages paid? To help with regulations and maintain sufficient coverage, it’s essential to keep your insurance agent and/or carrier updated on any changes that might affect your insurance needs. |
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