Whether you prefer to take a hands-off approach or manage costs yourself, Nazpay provides two innovative money management tools for worry-free record-keeping and smoother cash flow for workers’ compensation costs.
Take a Hands-Off Approach
The Nazpay Workers’ Compensation Payment Service lets you pass off the time-consuming administration and avoid large, up-front deposits and year-end surprises associated with workers’ compensation insurance. * It provides convenient, budgeted, automatic, electronic payments that smooth out your cash flow.
Using your current payroll information, Nazpay calculates a rolling determination of your company’s workers’ compensation cost. Here’s what the service provides:
- Better budgeting because you get a current picture of workers’ compensation costs throughout the policy rather than waiting for the audit adjustment.
- Detailed and accurate records that provide totals for each state, classification code, and employee. This helps you verify that all information is correct and up to date in the payroll system, and provides extensive data for use during premium audits.
Manage Costs Yourself
If you like the control that comes from hands-on business planning, but find the information gathering process time consuming, you’ll appreciate the Nazpay Workers’ Compensation Report Service. Pay period by pay period, reliable reports are compiled for access to critical payroll information such as workers’ compensation costs, using actual wages for each classification code. You receive the information you need for streamlined management of your cash flow and communications with your insurer. Available on a quarterly or monthly basis, the workers’ compensation report service provides the same records as the payment service, but you manage the premium payments with your insurer.
Your solution to Payroll
You get all the detailed reports plus:
- Minimal down payment.
- No financing required.
- Minimal year-end adjustments.
- Insurance premiums calculated on actual wages.
- Electronic premium payments each pay period — no more check writing.
- 24-hour, toll-free hotline for easy claim reporting with our insurance carrier partners.