The Hanover Insurance Group has launched a new pay-as-you-go option for workers compensation policies that allows insureds to pay their premiums in real time, based on payroll.
Hanover EZPay gives businesses the ability to pay premiums as part of their payroll processes, the insurer said in a statement, either by self-reporting at the end of each pay period or by linking the product with their payroll company.
“Hanover EZPay allows agents to provide their clients with increased flexibility and peace of mind by offering a payment option that fits with the flow of their business,” said John C. Roche, president of commercial lines at The Hanover. “For many agencies, this also helps increase customer satisfaction and retention, making it beneficial for both the agent and the customer.”
The ability to pay workers comp premiums as each payroll cycle is processed will help businesses improve cash flow and reduce audit exposures with real-time premium calculations, The Hanover said. This option also offers businesses automatic premium withdrawals and does not require down payments or monthly billing fees.
This new payment option is available exclusively for The Hanover’s elite agent partners across the country and cannot be obtained directly through the company.
Source: The Hanover Insurance Group