Albany, NY – NYSIF recently announced expanded eligibility of its pay-as-you-go premium payment plan, NYSIF PAYGO, by eliminating its premium thresholds. Previously available only to policyholders with an annual premium below $250,000, NYSIF PAYGO is now available to the majority of NYSIF policyholders, regardless of premium size. Only contracting policies maintain a minimum threshold of $2,000 in annual premium.
NYSIF PAYGO is a simple way for eligible policyholders to pay their workers’ compensation insurance through approved payroll processors. NYSIF noted that PAYGO allows policyholders to better manage their workers’ compensation costs because NYSIF will calculate premium based on actual payroll for the period. More accurate premium calculations can mean smaller audit adjustments at the end of the policy period. In addition, NYSIF PAYGO policies are not required to pay a premium deposit.
- Eliminates down payment requirements
- Calculates premium payments based on actual payroll
- Calculates more accurate premium payments, resulting in smaller audit adjustments
- Allows policyholders to match payments to cash flow
- Most new or renewal policies
- Annual premium must be larger than $2,000 for all contracting codes (excludes roofing and certain other contracting codes)
Find out more by visiting nysif.com/paygo or contacting your underwriter. NYSIF also notes that participation is subject to NYSIF underwriting approval and acceptance of the NYSIF PAYGO Terms and Conditions.