NJM Precision Pay FAQs
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.
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.
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!
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
NJM Precision Pay is a free billing option available to select NJM workers’ compensation policyholders.
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.