Paychex Launches Business Insurance Payment Service

Paychex Inc., a provider of payroll, human resource and employee benefits solutions for small and medium-sized businesses, has launched a Business Insurance Payment Service. The service is available for business owner (BOP), commercial auto and umbrella policies sold by Paychex Insurance Agency through The Hartford, Guard Insurance Group, and Travelers Insurance companies.

With the Business Insurance Payment Service, a policyholder can elect to have Paychex pay premiums on his behalf, using a pay-as-you-go, monthly billing method that helps minimize the up-front premium deposit typically required, says Paychex.

Paychex also notes that the service calculates monthly premiums at the start of the policy year, providing business owners with the exact amount they will pay throughout the plan year. The Business Insurance Payment Service is available to new and existing Paychex Insurance Agency clients, occurs at the start of the policy year and does not require the policyholder to be a Paychex payroll client.