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Noyes, Hall & Allen Blog

Pay As You Go Maine Workers Comp Insurance

December 15th, 2011     Noyes Hall & Allen

Workers Comp – A Cash Flow Challenge for Your Business

Paying workers compensation insurance can be a cash flow challenge. In slower months, it’s hard to scrape cash together for that quarterly payment. It’s also hard to estimate a year ahead what your payroll will be. Over- or under-estimating payroll at the beginning of the policy year creates a big year-end audit adjustment. You either get a big bill, or a big refund of money you could have been using to run your operation all year.

Pay As You GoWorkers Comp Integrated with Payroll

Maine employers have a cash-flow friendly option for paying their Maine workers compensation insurance. MEMIC, Maine’s largest workers’ comp insurer offers “Comp-As-You-Go”. This workers comp billing integrates with virtually every payroll provider, including ADP, Paychex, Advantage, Bangor Payroll, and many more. It also works with Quickbooks software.

How Does Pay-As-You-Go Maine 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. Just fill out a form with your payroll info.
  • 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  • Payments are automatically withdrawn by MEMIC.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 payroll service integration with Maine workers comp insurance, contact Noyes Hall & Allen Insurance at 207-799-5541.

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