Online payroll provider PayCycle introduced a “pay-as-you-go” premium payment service for workers’ compensation insurance aimed at accountants’ small business clients.
PayCycle is providing the workers’ comp insurance through the Hartford Financial Services Group.
Traditionally small business owners must make large up-front premium down-payments for workers’ compensation, and payments throughout the year that are based on an estimate of the business’ gross annual payroll. With the Hartford’s XactPay system, small business owners automatically pay their Hartford workers’ compensation insurance premiums one payroll at a time. After accountants run payroll in PayCycle, the payroll information is automatically sent to the Hartford.
The Hartford calculates the workers’ compensation premium amount for that payroll period and withdraws the funds directly from the small business’ bank account. Premiums are calculated based upon actual payroll, so customers are not required to pay large up-front premium deposits.
PayCycle charges a fee of $5 per month per client for XactPay, but it’s not part of the premium charged by the Hartford. For more information, visit www.paycycle.com.
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