Zurich North America has introduced a flexible payroll reporting option for construction companies covered under its Workers’ Compensation programme.
This new option is designed to help construction customers manage their cash flow and the uncertainty related to annual workers’ compensation premiums.
The Zurich Workers’ Compensation Flexible Payroll Reporting Option has been developed in collaboration with SmartPay, which provides pay-as-you-go workers’ compensation solutions.
The monthly payroll reporting option offers features such as real-time premium calculations based on payroll reports, automatic premium withdrawal via Automated Clearing House (ACH) and 12-month period payments time.
Additionally, the companies which select automated payroll reporting will not be required to pay down payment. 10% cash collateral is required of non-automated reporters.
This solution is said to minimise Workers’ Compensation audit exposure while streamlining the audit process upon policy expiration or cancellation.
Construction companies interested in enroll for the option should talk with their broker about it when the time comes to purchase or renew their Workers’ Compensation policy, said the company.
In November last year, AXA XL’s Subcontractor Default Insurance business in North America teamed up with COMPASS to expand its subcontractor prequalification tools for its construction clients.
Previously, AXA XL’s North America Construction insurance business launched custom-built insurance programmes and services for construction projects that qualify as a ‘Highly Protected Project’.
In June last year, the Property & Inland Marine Division of Great American Insurance Group introduced Cornerstone Complete, a comprehensive product to address increased exposures for construction projects.