: Many businesses use their payroll service (e.g., Paychex or ADP ) to manage "pay-as-you-go" plans, which calculate premiums based on actual payroll rather than estimates.

: Get quotes from different carriers several months before you need the policy to ensure the best rate.

Workers' compensation insurance is a mandatory requirement for most businesses with employees. It covers medical costs and lost wages for workers who are injured or become ill while on the job, while also protecting employers from potential lawsuits.