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Archive for the ‘Compensation Insurance’ Category

It is needless to say that employers are responsible to provide safer environment to their employees to avoid any type of an accident. In fact, it is quite encouraging to see that employers are now going for all sorts of safety measures. But, despite the fact that they are taking all initiatives, accidents are bound to happen.

Now, when accidents take place, an employer has to face the music even if it is not entirely his fault. The only thing an employer can do in this situation is to stay prepared for tricky situation in advance. One way to stay prepared is to buy workers compensation insurance.



Few benefits of workers compensation insurance:

There are several benefits of buying workers compensation insurance and few of them are mentioned below.

1. The biggest benefit of workers compensation insurance is similar to all other types of insurance. It is about providing you with the financial assistance at the time of difficulty. Just like in medical insurance where hospital bills are paid on your behalf by the insurance company, workers compensation insurance helps you to stay away from paying a lot of money in case of a lawsuit.

2. In most cases, medical expenses are to be given by the employer if an employee gets injured on work. Not to mention that healthcare cost in US is just out of control and that’s exactly the point when workers compensation insurance will help you to stay away from dealing with exorbitant charges incurred on medical attention.

3. In case of permanent disability, two-thirds of an employee`s salary is to be given by the employer. You will again get benefited here with the workers compensation insurance.

Apart from these, workers compensation insurance gives you the peace of mind which is crucial. So, you must consider this option before finding yourself in trouble. However, you must always keep in mind that there will be different rules, regulations and type of benefits associated with workers compensation insurance in different states.

For instance, when you will compare West Virginia Workers Compensation Insurance with workers compensation insurance in Florida, you will find some clear differences. In Florida, you must have specific number of employees to buy workers insurance but you have to provide insurance to all your employees irrespective of their number.

The fact of the matter is that worker compensation insurance is essential for all employers working in any state. Though there are different rules which can have an impact over total benefits but this insurance still provides more than enough benefits in all situations. But, at the time of buying an insurance plan, it is better to pay attention to those regulations and that’s the reason why it is essential to buy insurance plans from a local insurance company.

Most of workers involved in Workers Compensation claim or lawsuit do not realize they can get workers compensation funding or worker comp loans before their case settles. If you are a worker plaintiff, involved in a Workmans comp case or lawsuit and represented by an attorney, you may be eligible for an easy cash advance on your pending Workmans compensation settlement.

This is also known as non- recourse Workers Compensation lawsuit loan, Workers Comp funding, Workmans Compensation loan or Workmans Comp funding.

When a person works for a living, a personal injury or disability can have a serious impact on his or her life, family, health, and finances. The road to recovery is sometimes long and expensive, and a worker might well lose his/her home, health and family waiting for relief.

You may have a strong Worker Compensation case or lawsuit and a great attorney representing your case, but the insurance companies can afford to wait. But you can not, you need money now. Without a workers comp funding, you may have no choice except to settle your Workers Compensation claim or lawsuit for whatever you can get.

But with a workers comp funding or loan, you also get the advantage of some deep financial pockets yourself. A solid worker compensation funding company is always backed by vast institutional funds. So you will not have to accept too little too early from the insurance company that provides your Worker Compensation (Workers Comp, Workmans Comp or Workmans Compensation) coverage.

Workmans compensation funding companies will not fund a Workmans comp claim or lawsuit if the state statute concerning direction of payments requires the claim to be paid directly to the claimant and not first to the trust account of attorney? These states are: AR, AK, CA, DC, HI, KS, KY, MA, MD, MN, NC, NJ, NV, NY, OR, PA, TX, UT,VA, WA, WI. But they provide workers compensation claim funding in all other states, i.e. Al, CT, DE, FL, GA, ID, IL, IN, IA, LA, ME, MI ( case by case), MS, MO, MT, NE, NH, NM, OK, RI, SC, SD, TN, VT, WV.

Third Party Liability Lawsuit:

When an employee is injured in the course and scope of employment as a result of a negligent third party, the worker has the right to pursue a lawsuit against the third party in addition to pursuing a workers compensation claim. For example if a wire cable installer negligently hid a wire that caused your trip and fall at your work place; you may sue the cable company. Other examples would include a work place injury caused by a faulty machine supplied by a vendor.

Third Party Lawsuit Loan Funding:

When you are involved in Third Party Liability lawsuit you can get a lawsuit funding or a lawsuit loan on your pending lawsuit in every state except in Ohio. This is also a non-recourse loan, which you pay back only and if you win or settle the case.

Workers Compensation Claim and Lawsuit Funding Program – Features and Benefits:

1. No application fee, no up-front fees: A good workers comp funding company should not charge any application fee or any upfront fees at all.

2. No credit requirements or employment history – To apply for workers comp claim funding, the credit score of plaintiffs is never an issue.

3. No monthly payments – A good workers compensation funding company would not charge any monthly payments.

4. No settlement? No repayment – Once you get a workers comp loan, you pay back to workers compensation funding company only and if you win or settle the workers compensation claim or lawsuit. If you lose your case, you do not owe the worker compensation funding company anything. The workers comp loan advanced to you is yours to keep.

The workers compensation claim funding or worker comp case loan is the totally safe, secure, no-risk solution. This protects your family, assets and any needless jeopardy to your credit history.

If your workers’ compensation policy has lapsed, don’t panic but do act quickly, because, believe it or not, even just one more day without coverage can make a difference.

 

First, immediately call your agent or broker and explain your situation.  If this is your first lapse in coverage and the policy expired less than 30 days ago, your agent or broker might be able to reinstate your policy with the incumbent carrier but it’s not a given. 

 

Whether or not the underwriter is willing to reinstate coverage retroactively to the expiration date may depend on several factors including your payment history and whether you have other policies with the carrier and their payment histories.  Part of the underwriter’s job is to take well-calculated risks.  Lapses in coverage may create the appearance that your company is not an attractive risk or even that your company is struggling financially. 

 

Placing coverage  with a new carrier following a lapse is more challenging for your agent/broker than replacing coverage with an in-force policy.  An underwriter with the incumbent carrier or a new carrier may require a “no loss letter” from you confirming no new injuries occurred during the lapse.  Full disclosure is important.  Tell your agent or broker about any injuries or work related illnesses occurred during the lapsed period.

 

Very importantly, take steps to be sure a lapse in your workers’ compensation coverage doesn’t happen again.  You might be given a “free pass” once by an underwriter but if it happens a second time, you’re likely going to be out of luck with that company.  Consider scheduling your payments by EFT (Electronic Funds Transfer) to prevent non-payment or late payment of premium.   If you pay bills online, schedule the payment in ample time to reach your agent/broker or your carrier, including mail delivery times in your area.  Set a date on your calendar to send the payment, or do whatever it takes. 

 

The consequence of having no workers’ compensation insurance can carry a heavy price.  Beyond being out of compliance with the law, your company continues to be responsible for payment of claims, regardless of whether you have insurance coverage.  (workersxzcompxzkit)

 

ACTIVELY manage  your insurance policies to be certain they’re all current.   These policies not only provide peace of mind knowing you’ve transferred significant risk to another for a price, but also meet your legal insurance requirements.  

 

Visit:  http://www.workerscompkit.com/gallagher/QuoteCenter/workers-compensation-insurance.php for more help and information.