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A number of new and current SFM policyholders have registered for online wage reporting since the launch of SFM's online system in early May.
"We've seen a good level of interest and response," said SFM Director of Underwriting Brian Bent.
Common questions
Which accounts are eligible for wage reporting?
All accounts with at least $1,000 in premium are eligible for online wage reporting. Wage reporting is especially helpful for clients with fluctuating cash flows during the year.
What are the reporting frequency options?
Monthly, quarterly or semiannually.
What are the required collateral deposits for the frequency options?
Monthly wage reporting clients are required to deposit 15 percent of the premium.
Quarterly wage reporting clients are required to deposit 25 percent of the premium. Semiannual wage reporting clients are required to deposit 50 percent of the premium.
What are the wage reporting due dates?
Wage reports are due 10 calendar days after the end of the wage reporting period, and payment is due 30 days after the end of the wage reporting period.
What happens if an insured fails to complete the wage report by the due date?
Wage reports are due 10 calendar days after the end of the wage reporting period, and payment is due 30 days after the end of the wage reporting period.
The account will be converted to an installment policy. The account can come back to wage reporting upon renewal.
How do policyholders pay their workers' compensation premium?
Policyholders with less than $10,000 in premium pay through ePay, SFM's online premium payment system.
Policyholders with more than $10,000 in premium can choose from three options to submit their premium:
- Use ePay
- Send a check to SFM
- Have SFM send them an invoice
Can I have my SFM clients begin wage reporting midterm?
No. Policyholders can register for wage reporting at renewal time.
How do I get my SFM clients signed up for online wage reporting?
Upon writing or renewing the policy, an SFM policyholder interested in wage reporting needs to complete the SFM CompOnline registration form and submit it to SFM. Access typically is issued within 48 hours. View the online registration form.
What should I do if I have more wage reporting questions?
See SFM's website or call your underwriter at (800) 937-1181. Also see SFM’s “Wage reporting” agent
guide.
In addition, SFM has created a “Wage
reporting” client marketing piece that may
help you in discussions with employers. The agent guide and client piece are
available in the agents Resource Catalog.
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