Noyes, Hall & Allen Blog

Pay As You Go Maine Workers Comp Insurance Expanding

December 15th, 2011

Workers Comp – A Business Cash Flow Challenge

Workers compensation insurance can be a cash flow challenge for many organizations and businesses. In slower seasons, it can be difficult to make a large quarterly payment. There’s also the risk of over- or under-estimating payroll at the beginning of the policy year, resulting in a large year-end audit adjustment.

A Budget Friendly Workers Comp Payment Option

Now, nearly every Maine employer has a new cash-flow friendly option for paying their Maine workers compensation insurance. This week, MEMIC introduced “Comp-As-You-Go”, an enhanced option from Maine’s leading workers’ comp insurer. While the idea isn’t new, previous options mandated using certain payroll processors, insurance agents or other vendors. MEMIC’s version allows employers to maintain existing procedures and relationships.

How Does Pay-As-You-Go Workers Comp Insurance Work?

It’s simple to understand, and easy to start up. Pay-As-You-Go:

  • Integrates with payroll services or QuickBooks software.
  • Allows you to keep your current payroll process and frequency. Simply send a file after every payroll run (weekly, bi-weekly, bi-monthly or monthly).
  • Requires no premium deposit.
  • Payments are automatically withdrawn by MEMIC.
  • You can leave the pay-as-you-go plan any time during the policy term.
  • Avoids year-end audit bills and surprises.
To learn more about pay as you go Maine workers comp insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.
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