Intuit Launches Pay-As-You-Go Workers Compensation System

Small business software maker Intuit Inc. has launched 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 providing more flexibility,” said Karen Peacock, vice president and small business segment leader at Intuit. “Our pay-as-you-go approach makes it possible for small businesses to improve their cash flow and lowers the administrative burden of managing employee compensation packages.”

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.

“The Hartford has been a long-time leader in providing pay-as-you-go workers’ compensation insurance and we are pleased to offer this option in partnership with Intuit,” said Kevin Sanborn, vice president of the small business alliance center at The Hartford. “We are committed to helping small business owners prepare for the unexpected and the pay-as-you-go program offers a seamless process for providing the protection they need.”

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