WOODLAND HILLS, Calif., Oct. 11, 2016 /PRNewswire/ -- Farmers Insurance®, one of the nation's largest insurer groups, has launched a new way for small business owners to remove some of the hassles associated with validating payroll information for Workers' Compensation coverage. The new billing option, Real Time Billing, provides small business owners the opportunity to help better manage their cash flow, while also helping reduce the headaches often associated with the annual premium audits that may be required.
"Farmers Real Time Billingsm provides an enhanced experience for small business owners by helping provide greater control and stability of their Workers' Compensation billing system," said Bryan Murphy, President of Farmers® Business Insurance. "This new offering is just the latest in a series of innovations we're providing small business owners to help make it easier for entrepreneurs to do business with Farmers."
RealTime Billing is a pay-as-you-go solution that links a business owner's payroll information directly to their Workers' Compensation premium, allowing premiums to be billed on the basis of actual payroll instead of estimating annual payrolls. This new option may help:
- Maximize and stabilize business cash flow
- Minimize final premium audit adjustments
- Remove installment fees and monthly checks
Farmers has introduced this new coverage option in 25 states, including: 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.
Business owners wishing to learn more about Farmers Real Time Billing are encouraged to contact their local Farmers Agency Owners or visit Farmers.com/business.
About Farmers Insurance
"Farmers Insurance®" and "Farmers®" are tradenames for a group of affiliated insurers providing insurance for automobiles, homes and small businesses and a wide range of other insurance and financial services and products. Farmers Insurance is proud to serve more than 10 million households with over 19 million individual policies, across all 50 states, through the efforts of more than 48,000 exclusive and independent agents and approximately 21,000 employees. Farmers Insurance Exchange®, the largest of the three primary insurance insurers that make up Farmers Insurance, is recognized as one of the largest U.S. companies on the 2016 Fortune 500 list.
For more information about Farmers Insurance, visit Farmers.com, Twitter and Instagram, @WeAreFarmers, or Facebook.com/FarmersInsurance.
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SOURCE Farmers Insurance