BSIG’s SmartPay– the More Convenient Way to Pay Your Workers’ Compensation Premium
Berkley Southeast has partnered with SmartPay Solutions, LLC who administers the BSIG SmartPay program. If you would like more information about this billing option, please contact your agent.
What is SmartPay from BSIG?
It’s an automated pay-as-you-go payment solution that calculates Workers’ Compensation policy premiums based on payroll exposures.
BSIG SmartPay is our new, secure web service that allows you to pay your Workers’ Compensation premium based on your payroll cycle and actual payroll, so your premiums paid are more accurate and reflect your business activity.
SmartPay is a flexible payroll process. Integrate your actual payroll exposures with your existing payroll process and calculate your premium with ease.
SmartPay is simple, secure, and streamlined. Premiums are automatically calculated and withdrawn from your account using Automated Clearing House (ACH) transactions.
If payroll and classification information is submitted correctly at the end of the term, premium audit adjustments are typically minimal. Please note that premium audits are completed at the end of each policy year, so it is possible to have an additional premium due on the BSIG SmartPay billing plan.
Businesses with fluctuating and/or large payrolls may experience the most benefit from SmartPay. Those with smaller, more consistent payrolls may prefer traditional installment plans.
No, you are not required to make a policy down payment or pay installment fees.
Cash Flow Management — SmartPay customers eliminate the need for large deposits and prepayments.
No Premium Audit Surprises — Final premium audits should only reflect minor premium variances if payroll and classification information is submitted correctly at the end of the term.
Flexible Payroll Reporting — SmartPay offers a variety of ways to report payroll exposures. BSIG works with you to use the best reporting solution.
Automated Payment Transaction Processing — premium payments are made in the correct amount and on time, directly from your bank account via safe and secure ACH transaction processing.
Only Workers’ Compensation policies are eligible for this billing option.
No, you report payroll using a format convenient to you, whether it is an accountant or payroll company, to file your payroll information.
Yes, final audits are still required to ensure payroll information was accurately reported and all employees were correctly classified. Although, final premium audits should only reflect minor premium variances.
Amounts due for expense constants and other fees will be added to the premium payment due with the initial payroll data filing. These amounts will be automatically deducted from your account along with your premium payment.
If you don’t report your payroll data by the payroll submission cut-off date, we will send an e-mail reminder. A BSIG SmartPay administrator will make every attempt to contact you regarding the late payroll data submission.
What To Expect
- We will assist you throughout the enrollment process to ensure the SmartPay program fits your needs.
- We will work with your payroll representatives to establish a streamlined workflow of payroll information and ACH payment options.
- We will notify your representative if we identify issues related to the correct processing of your SmartPay transactions.