​Employers insured by SFM have an important option when it comes to reporting payroll and managing premium payments. SFM’s pay-as-you-go wage reporting system allows policyholders to make premium payments that match with payroll throughout the year.

The pay-as-you-go option is available to any SFM policyholder with at least $1,000 in annual premium, and it’s especially valuable for businesses that experience fluctuations in staffing throughout the year.

SFM has offered this capability for several years, and it’s gaining popularity with employers. Our pay-as-you-go option offers the following features:

• Enrollment in pay-as-you-go is available at policy inception, on renewal or during the policy year
• Account setup requires little or no collateral deposit
• Payments can be made by mail or online
• Pay-as-you go users can request automated recurring payments
• Users have digital access through SFM’s CompOnline policyholder management system
• Remember, pay as you go policies are still audited just like any other SFM policy, to verify the correct payroll figures were reported

To learn more about how pay-as-you-go wage reporting can make life easier for your policyholders, contact your underwriter or visit the pay-as-you-go wage reporting page.