3 Options for Pay As You Go on AmTrust Policies
1. Self-Reporting Pay As You Go:
This option is an efficient online payment solution. Insureds self report payroll via AmTrust Online and initiate payments drafted from their bank account via EFT. A $200 premium-bearing deposit is required and is applied to the first year’s final audit and not required at renewal. The online process is done entirely by the insured. There is no EFT form or deposit to collect by the agent or underwriter, and no outside payroll company is required. This option works well for insureds using a national payroll company, non-approved payroll company, CPA, Intuit / QuickBooks or another payroll software package.
2. Approved Payroll Company:
Workers’ compensation premium is based on payroll, so to make payments as seamless as possible, we offer our Pay-As-You-Owe (PAYO®) payment solution. PAYO® works with approved payroll companies to calculate premium payment on what is owed each pay period. The payroll company will issue monthly reports and premiums directly to AmTrust. Benefits include:
Improves cash flow since employer pays workers’ compensation with actual payroll
Reduces the chance of additional or return premium at audit
Simplifies employers’ work because payroll company handles payments and calculation
Please contact your ASIA representative to see if the insured’s payroll company is an approved PAYO vendor with AmTrust.
*The National Payroll Companies do not report payroll to insurance companies
3. Reliable Premium Management:
This is an automated solution, handling the calculation, collection and remit function. No upfront money is needed to bind coverage. A 3rd party EFT authorization form is needed to commence services.
This solution provides the insured with the best of both worlds: keeping their national payroll company for payroll, and keeping their local agent as agent of record. Works well for the insured currently with a national payroll agency. National payroll agencies do not collect and remit the reports or premium to the carrier if they are not the agent of record.
Please note that RPM will charge additional fees for this service which are comparable to the same fees charged by the National Payroll Companies.