The Hartford Financial Services Group payroll billing options for workersc compensation customers with the addition of XactPAY, a payroll billing options for workers' compensation premium payment service, to midsize and larger commercial customers.
The Hartford also launched XactPAY Xpress, a self-reported billing option designed specifically for companies that manage their own payroll.
According to the The Hartford, through XactPAY options, premiums will be calculated based on actual payroll during the policy period. This eliminates the need for large up-front deposits, minimizes audit cost at the end of the policy period and offers flexibility to invest cash in other aspects of their operation.
The Hartford executive vice president of sales and distribution Mike Concannon said that effective cash flow management is a priority for all businesses regardless of size or method of payroll management.
"Whether a company uses a full service payroll provider, submits payroll using desktop software or manages payroll in-house, these billing options provide businesses with added value and capital flexibility,"Concannon said.