(Image credit: Dollar Photo Club.)
Farmers Insurance (Los Angeles) is expanding availability of its Farmers RealTime Billing option for small business owners in California, Idaho, Montana, Nevada, Oregon and Utah. The capability, launched in Oct. 2016 for 25 states eases validation of payroll information for workers’ compensation coverage. The insurer says the service gives small business owners the opportunity to help better manage their cash flow, while also helping reduce the difficulties often associated with the annual premium audits that may be required.
“Farmers RealTime Billing is already helping many of our small business customers become smarter in the way they approach workers’ compensation coverage, and I am pleased to extend the convenience and efficiency of this product to even more business owners,” comments Svetlana Bronshteyn, Svetlana Bronshteyn, Director, Commercial Product Development, Farmers Business Insurance. “We’re constantly seeking new and innovative ways to enhance our services, and Farmers RealTime Billing is the latest in a series of continual improvements we’re making to help meet the changing needs and preferences of our customers.”
Making Coverage Simpler and More Cost-Effective
Farmers says the RealTime Billing option makes workers’ compensation coverage simpler and more cost-effective for businesses by linking payrolls directly to workers’ compensation policy premiums, taking the guesswork out of estimating annual payrolls. Premiums are billed based on actual payroll, which may help improve business cash flow and reduce exposure to large audit balances due at the end of the policy term, a Farmers statement says.
“In addition to preventing financial surprises, Farmers RealTime Billing helps customers plan and manage cash flow, avoid large annual lump sum premium payments, and breeze through workers’ compensation audits because premium is based on actual data versus an estimate,” Bronshteyn adds.
The initial rollout of Farmers RealTime Billing in 2016 was for policyholders in Alabama, Arizona, Arkansas, Colorado, Connecticut, Georgia, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New Mexico, New York, Oklahoma, Pennsylvania, South Dakota, Tennessee, Texas, Virginia, and Wisconsin.