When Quickbooks Payroll by Intuit partnered up with The Hartford to offer “Pay- as-you-Go” Workers Compensation Policies, I decided to investigate.
If you use Quickbooks Full Service Payroll, which is a comprehensive service that includes direct deposit of employee paychecks, automatic preparation of payroll tax forms and payment of taxes, with The Hartford, you can pay your Workers Compensation with each pay period.
If you use Basic (Paycheck Calculations Only) or Enhanced Payroll (Paychecks and Tax Form Preparation) you can still use The Hartford, but you have to make the periodic Workers Compensation payment directly through The Hartford web site. It is not an automatic deduction. This is still a better option than having to make one big Workers Compensation payment each year on the anniversary date of your policy. (As of this writing, Disability Policies at The Hartford are not available on the “Pay-as-you-Go” billing platform and must be paid in full annually.)
I contacted The Hartford and was able to obtain quotes almost immediately. For Workers Compensation, the annual premium was a significant savings. For Disability, the annual premium was higher but the combination of the two policies was still a savings. When I asked my commercial insurance broker his opinion of The Hartford, he had only good things to say. Specifically he mentioned that their customer service is very responsive and that they pay their claims in a timely manner.
True to form, I had a number of questions for The Hartford about the quotes presented and they were extremely responsive. This included their ability to put the new policies in place almost immediately should I decide to proceed. However, if you read my last post, “Leaving NYSIF – New York State Insurance Fund – Not So Easy”, it was all for naught as I was unable to exit my NYSIF policies. [I will be looking at The Hartford again and perhaps some other Carriers as my NYSIF renewal date approaches.]
Important Safety Tip: Absolutely check with your current Workers Compensation and Disability Insurance Carriers to determine your ability to cancel your policy and leave prior to term BEFORE you obtain quotes or complete any applications. It will just save you a great deal of time and aggravation. Penalties for early departure can be severe.
NOTE: The degree to which you can actually “Pay-as-you-Go” with The Hartford will vary with the specific Quickbooks Payroll Service you have selected and the amount of your policy premiums. In the case of some Policies, the Premium may be so small that it makes more sense, or the only option may be, to pay annually.
More Information on The Hartford at:
http://www.thehartford.com/worker-compensation
More Information on Intuit Payroll at:
http://payroll.intuit.com
Disclaimer: The information presented above is my personal experience and current as of the date of this article posting as it applied to my specific situation. I am a licensed Certified Financial Planner and Certified Public Accountant (licensed in the State of New York.) I am not licensed to sell or represent any insurance product in any State. Insurance Carrier rules and regulations vary by State and change frequently. You must check with your own Agent, Broker, or Insurance Carrier directly to verify the information as it may apply to your specific situation.
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