With The Hartford's XactPAY® 1, you can pay your workers' compensation premiums on actual payroll instead of last year's headcount. Your cash flow won't be restricted by a large down payment or premiums based on inflated payroll numbers from prior years.
HOW YOUR BUSINESS BENEFITS
- Eliminates large premium down payments
- Minimizes audit adjustments
- Premium is calculated on actual payrolls
- No monthly billing or finance fees
- Efficient online options – like online audit and premium wage reports – that help save you time
- Improved cash flow management
- The Hartford's workers' compensation experience – a market for over 100 years
- Coverage benefits and services that help make up for lost wages and help get employees back to work a full week earlier than average 2
Here's How It Works
| Component |
Traditional Method |
XactPAY® |
| Down payment |
Up to 25% down payment required |
Zero down |
| Payment type |
Estimated Payments derived from payroll projections for the year |
Accurate payments based on actual payroll |
| Premium payment schedule |
Paid monthly, quarterly or annually |
Paid automatically after each payroll |
| Financing charges |
Yes |
No |
| Late Fees |
Yes |
No |
| Post audit adjustments |
Potentially costly adjustment if payroll was underestimated |
Simplified - no adjustments |
Approximate Start-Up Fees
| Component |
Traditional Method |
XactPAY® |
| Policy comparison based on an average premium of $3,000 |
$750 premium down payment |
No premium down payment |
| $250 expense constant * |
$250 expense constant * |
| $1,000 total down payment |
$250 total down payment |
* Varies by state. For illustration purposes we are using $250.
Get On A Payroll Plan That Fits Your Needs Exactly
Many businesses would jump at the opportunity to take advantage of this alternative, but don't have access to the XactPAY® program. Now you can when you sign up for The Hartford's workers' compensation coverage. Keep in mind:
- The Hartford leads the industry in the pay-as-you-go workers' compensation space by being the first to offer this method in 1997.
- Through integration with payroll, XactPAY® presents a convenient, accurate solution – 34 pay types properly applied to 44 state rules.
To date, over 90,000 XactPAY® policyholders have enjoyed an easier way of paying for the protection they need. Join them by getting started today.
Why The Hartford
- For more than 200 years, we've committed ourselves to mitigating and minimizing the financial and emotional impact of loss.
- Over one million small business owners have entrusted us to protect their business and employees when the unexpected happens.
- The Hartford's Service Centers have been recognized by J.D. Power and Associates for delivering "outstanding service," and earning the top ranking for customer satisfaction. 3
- Tools like online bill pay, online learning tools, and access to loss prevention tips allow customers to manage their insurance on their own time.
- We've been consistently voted one of the "World's Most Ethical Companies" by the Ethisphere Institute. 4
