Print About Workers' Compensation Premium & Billing NYSIF policyholders may spread their premium over 10 payments, based on premium levels: Premium up to $999 - 100% down Premium $1,000 to $9,999 - 50% down and nine equal payments Premium $10,000 and over - 25% down and nine equal payments Exceptions may apply. Safety group members should contact their group manager for information about their specific payment plans. If you’re on a payment plan here’s what you need to know: First payment must be received prior to policy inception or renewal date; Monthly due date is based on the date your policy starts/renews; You have the option at any time to pay in full or pay the minimum amount due; A $10 policy service charge is applied to each installment bill; All policy activity during the month is reflected in the next billing statement; Audit balance installments vary depending on when the audit balance is posted to your account; No interest is charged on audit balances paid in full. Unpaid audit balances are subject to a 1% monthly interest charge; Minimum amount due must be paid in 30 days to avoid cancellation; Any bill sent after a cancellation date will note, "This policy has been cancelled effective dd/mm/yy;" Payment is due immediately on all cancelled policies.