A work injury can be devastating in more ways than one. It could sideline an employee for weeks or months and alter the way they get their job done. In the meantime, a company could see their production slowed down by having to fill in the gaps that the employee left, and taking the time to train a new employee or temporary employee may not be worth the work.
While someone can file a workers’ compensation claim when injured on the job to secure wage loss benefits and compensation for medical care, it may not be enough of what they need. But a person can’t file a workers’ compensation claim and a third-party liability claim against their employer unless special circumstances are in place.
This is why it’s important for employees to understand the benefits of third-party self-reporting for workers’ compensation claims. Here are some big reasons why it can be beneficial.
One benefit that third-party self-reporting workers’ compensation claims pose is that you don’t need to pay large upfront premium deposits. This is usually done in order to bind coverage. What this does is it makes the whole process easier to secure coverage at the beginning of a policy and when it comes time to renew.
Manage Cash Flow
Those who opt for third-party self-reporting have the ability to better manage the cash flow as they are paying a premium solely based on actual payroll each pay period. Alternatively, those making workers’ comp claims have to pay out premiums for an entire year. Instead, a pay-as-you-go option keeps payment centered on the actual pay period.
One factor you never want to have to consider is dealing with late payments. One way this is dealt with is to set up automatic payments. Some insurance companies don’t offer this, but Insure My Work Comp, on the other hand, encourages its automatic payment system, which allows clients to avoid late fees from missed payments. No checks, no invoices, no fees.
Budgeting More Effectively
Teams can budget more effectively when it comes to third-party self-reporting. This system allows clients to stay on top of their expenses for their business and factor in the payout of workers’ comp insurance. Having a solid outlook on what you owe every month and what is covered will help you factor out your other expenses.
InsureMyWorkComp is a digital brokerage that helps clients find the right workers’ compensation solution for their business needs. Unlike other online platforms, we will help you to work with an agent who can provide you the right solution for your risk profile. Our staff has over 50 years of workers’ compensation underwriting and sales experience, and we are confident that we will provide you the support that you need. For more information or to get a quote, contact us today at (855) 340-9138.