We are introducing significant improvements to our billing terms and payment options to make it easier for policyholders to manage their cash flow and do business with us. Specifically, we are going to allow more policyholders to take advantage of monthly payroll reporting by lowering the base premium eligibility and deposit requirements. Additionally, we are extending terms of payments for stipulated billing plans. Here’s what’s new:
Monthly Payroll Reporting and Premium Payment:
Effective for accounts with May 1, 2017 anniversary dates or dates thereafter:
- The premium threshold for eligibility will be reduced from $25,000 to $5,000 Base Premium.
- The required premium deposit for monthly payroll reporting will be reduced from 25% to 10% of estimated annual premium (EAP).
How to Request Monthly Payroll Reporting and Premium Payment Option
New Business Policies
For qualifying new business applications incepting on or after May 1, you may request monthly payroll reporting by adding a comment in the PriceNow submission or by contacting the assigned underwriter prior to the quote being issued.
For qualifying renewal policies renewing on or after May 1, you may request monthly payroll reporting and premium payment by contacting the quoting underwriter before the quote is issued, or by sending an email to email@example.com no later than 30 calendar days prior to the policy renewal date.
Temporary staffing agencies, PEOs, and farm labor contractors, will continue to be required to pay premium via payroll reporting regardless of premium size. However, effective May 1, we will reduce their deposit requirement to 10% of EAP
For more information please contact your Marketing Representative or the Customer Service Center at (888) 782-8338, or visit StateFundca.com /Monthly Payroll, Deposit & Billing Changes.