Intuit Inc. announced a new platform that simplifies workers’ compensation insurance payments for small businesses. The platform makes it possible for small businesses to select a pay-as-you-go option from 20 top insurance providers, with premiums calculated in real-time based on QuickBooks payroll data.
With pay-as-you-go workers’ compensation, small businesses can make payments based on actual payroll rather than estimates of employee activity. Additional benefits of pay-as-you-go include:
- Increased Convenience – Automatic collection of premiums means no extra legwork, fewer late payments and one less thing on the to-do list.
- Available Cash Flow – No more lump sum pre-payments means more flexibility in cash flow and paying only for changes as needed.
- Greater Predictability – Premiums are calculated every pay period instead of estimated at the beginning of the year, so payments are adjusted as employee changes occur, virtually eliminating surprise payments at year-end audits.
“This is all about giving small businesses more choice in managing workers’ compensation requirements, saving time and taking away the hassle,” said Karen Peacock, vice president of small business at Intuit. “Plus, with our pay-as-you-go solution, small businesses don’t have to make big payments of thousands of dollars upfront and dramatically reduce the risk of an audit with a bad surprise down the road.”
Intuit is partnering with 20 insurance providers to deliver the open platform including: The Hartford, Farmers, Berkshire Hathaway GUARD Insurance Companies, Eastern Alliance Insurance Group, CNA, EMPLOYERS, Markel FirstComp, ERIE Insurance, The MEMIC Group, The Hanover Insurance Group.
Source: Intuit Inc.
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