NJM Precision Pay FAQs | NJM

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NJM Precision Pay FAQs

What is NJM Precision Pay?

NJM Precision Pay is our "Pay-As-You-Go" billing option for workers' compensation policies that allows businesses to tie premium payments directly to their actual payroll.

How does NJM Precision Pay work?

NJM Precision Pay allows businesses to pay their workers' compensation premium in real-time as they run their payroll. NJM Precision Pay offers two payroll reporting options. Businesses can:

  • Link NJM Precision Pay with one of thousands of approved payroll companies for automated premium withdrawals; or
  • Self-report their payroll at the end of each pay period.

Is the set up process complicated?

Setting up NJM Precision Pay is easy. All you need to do is provide a few simple pieces of information and you're ready to go!

What are the benefits of NJM Precision Pay?

Benefits to businesses include:

  • No down payment
  • Real-time workers' compensation premium calculations
  • Improved cash flow
  • Automatic premium deductions
  • Reduced audit exposure due to real time premium calculations

How much does it cost to use NJM Precision Pay?

NJM Precision Pay is a free billing option available to select NJM workers' compensation policyholders.

How do I know that my personal information is safe?

NJM is committed to protecting customers' personal information. All data is transferred via a secure transmission with industry standard SSL encryption to prevent unauthorized users from accessing your information.