Pay As you Go Worker’s Comp
Understanding business insurance has many components vital to your company’s success. Have you ever wondered how Pay As you Go Worker’s Comp coverage really works? The good news is that our Paygo program makes staffing insurance coverage both affordable and beneficial to your business.
Workers’ Compensation is generally estimated and premiums are paid up-front. The Pay-As-You-Go Worker’s Comp Program eliminates this headache and allows a company to pay premiums on a as-you-go basis that frees up operating capital.
Pay-As-You-Go Worker’s Compensation Insurance
The workers’ compensation situation in mosts states require employers to purchase insurance that provides benefits to employees who suffer work-related injuries and illnesses. This insurance works as a compromise between employers and employees: Employees receive benefits even if they are at fault. Employers are protected from lawsuits by injured employees seeking money damages for pain and suffering or mental anguish. In fact, the insurance company is responsible for retaining and paying the attorneys. This can be effected by the type of deductible program you choose.
Workers’ compensation is governed each state, and each state differs slightly in their requirements. The main differences to be found are the rates, retired coverage and the procedural rules employers, employees, and insurance companies must follow.
Pay As You Go Workers’ Compensation Coverage
Workers’ compensation covers only work-related injury or illness, although the injury or illness does not always have to occur in the workplace. If the injury it’s job-related, it is generally covered. For example, if your employees are injured while traveling on business, running a work-related errands, or attending business-related social functions, they are covered.
Covered injuries and illnesses can range from sudden accidents to injuries that happen over time, such as Carpal Tunnel Syndrome or back problems. There can also be instances of exposure to chemicals, air pollution, or radiation. For example, many workers receive compensation for repetitive stress injuries such as carpal tunnel syndrome and back problems.
Things Not Covered By Workers’ Compensation
Coverage may be denied in certain situations caused directly by employees.
- Injuries caused by intoxication or drugs
- Self-inflicted injuries
- Injuries caused by a fight started by the injured employee
- Injuries resulting from playing around or obvious violation of company policy
- Injuries caused during a felonious activity
- Injuries occurring away from work.
- Injuries claimed after an employee is terminated.
Employee Benefits – Pay-As-You-Go Workers’ Compensation
Injured employees can expect replacement income for the time they are unable to work, payments for medical expenses, including doctors’ visits, surgeries, and prescription drugs, and return-to-work benefits such as on-the-job training, education, or job placement assistance.
An employee who is temporarily unable to work will generally receive two-thirds of their average wage as a temporary disability payment.
An employee who is permanently injured and cannot do the work they performed prior to the injury, or unable to return to work, could be eligible for long-term or lump-sum permanent disability benefits.
In case of an accidental death, benefits can be paid to surviving dependents.
Hybrid Financial Group has become a national leader offering innovative Workers’ Compensation Insurance programs. HFG specializes in developing innovative technology and establishing channel partnerships with brokers, payroll companies and carriers.