The Hanover Insurance Group, Inc. has launched a pay-as-you-go option for workers’ compensation policies that allows insureds to pay their premiums in real-time, based on payroll.
The new payment option offers businesses the choice of paying their premiums as part of their payroll processes, either by self-reporting payroll at the end of each pay period or by linking Hanover EZPay with their payroll company.
Business owners can now pay their workers’ compensation insurance premiums as each payroll cycle is processed, helping to improve their businesses’ cash flow and reduce audit exposures with real-time premium calculations. This option also offers businesses automatic premium withdrawals and does not require down payments or monthly billing fees.
Hanover EZPay is available exclusively for The Hanover’s agent partners across the country and cannot be obtained directly through the company.
The Hanover Insurance Group, Inc., based in Worcester, Mass., is the holding company for several property and casualty insurance companies. The Hanover provides a range of property and casualty products and services to individuals, families, and businesses. Products are distributed through a select group of independent agents and brokers. All products are underwritten by The Hanover Insurance Company or one of its insurance company subsidiaries or affiliates. Coverage may not be available in all jurisdictions and is subject to the company underwriting guidelines and the issued policy.