When it comes to keeping your employees, contractors - and in turn your business safe, having a payroll solution that keeps you covered and compliant is critical. This is why we’re continuously investing in building more features and functionality for employers to help them run payroll with ease and bring peace of mind come payday.
In addition to offering simplified payroll tax payments, easy scheduling, and integrated tools, we’re happy to introduce Workers’ Compensation for our U.S employers to help you cover your business in case of a crisis.
Introducing Workers’ Compensation for Payroll
Despite everybody’s best efforts, injuries or illnesses can, and likely will happen in any workplace. That’s why, when it comes to protecting yourself and your team, you’ll want to make sure you’re making the right choice about insurance coverage.
To help make this process easier on you, Wave's payroll software now offers the ability for employers to integrate their coverage directly into its system. This way, you’ll easily be able to run payroll, update your books AND cover your team — all in one place!
Before we go into more details about this integration, let’s first talk about the ABC’s of Workers’ Comp. Whether you're hiring your first employee or thinking about switching insurance providers, it’s important to always make sure that you’re keeping compliant with your state’s requirements for workers' compensation, and putting your cashflow front and center for your financial future.
What is Workers’ Compensation?
Simply put, workers' compensation is an insurance policy that covers employers in the face of a potential workplace-related injury. The coverage assists employers in providing wage replacement and medical benefits to employees who may get injured on the job. So not only do you as an employer benefit from workers comp, but your employees can also rest easy, knowing they won’t have to put up a fight when it’s most difficult to do so.
Workers’ comp laws vary by state, but every state (with the exception of Texas) requires it if you have employees. To get a better understanding of how workers’ comp laws work in your state, check out this guide: it gives you a detailed rundown of what to consider and how to get started.
In short, both you and your team will be protected if your employees were to be injured on the job. Small business owners have enough to worry about — lawsuits and liabilities should not be one of them!
What are the costs?
Small business owners are used to coughing up a hefty annual down payment for their coverage without having a real understanding of how much they should really be putting into their business and team.
To help with your cashflow, workers’ comp with Wave gives you the ability to better manage your payments and pay for only what you use with pay-as-you-go coverage. You’ll have accurate amounts paid, and it’ll make year-end auditing a breeze for tax season.
How does it work with payroll?
If you’re already using Wave Payroll, you’ll be able to set up this integration directly from your main payroll dashboard.
US employers in states that do not have government-owned and operated funds will be able to set up their account and coverage options right as they set up their payroll account.
To help our employers get the best coverage and pricing tailored for them, we’ve partnered with AP Intego to provide employers with the most reliable coverage. Once you’ve finalized your coverage policy with AP Intego, you’ll be able to easily access your account and have your coverage integrated with your payroll schedule.
From insurance to taxable wages, there’s a lot that goes into planning and setting up your payroll. It can feel overwhelming, but don’t fret - we’ve put together the ultimate guide to getting started with payroll for you to help ensure you’re taking the right steps towards fully compliant and accurate payroll.
Thinking of getting started with payroll? Learn how Pomarosa Cafe was able to reduce the burden of manual payroll and compliance with Wave Payroll.
The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.