Did you know that most workers’ compensation claims occur on Mondays? How would you prevent your employee who hurt their knee or back during a weekend softball game from placing a fraudulent workers’ compensation claim on Monday morning in an attempt to cover their personal expenses if they cannot work? Most employers have this risk especially when health insurance maybe too expensive or not offered and employees fear not being able to pay rent or put food on the table for their families. Unfortunately, the result is often a fraudulent workers’ compensation claim by this employee in an attempt to collect indemnity payments to put money in their pocket to pay these expenses.
According to Scott Doellinger, Director of National Insurance Programs for the National Federation of Independent Business, the National Insurance Crime Bureau reports workers’ compensation fraud costs companies of all sizes about $7.2 billion annually, or 20% of all workers’ compensation payments.
Fun Facts:
- There are 128 Hrs per week that your employees spend outside of work
- Most Workers’ Compensation Claims are reported on Mondays
- Many non-occupational injuries are represented as occupational injures due to lack of disability insurance being provided to employees
- Maximum benefit amounts under Workers’ Compensation insurance are limited to $900/week or $45,000 annually, greatly limiting owners and executives ability to be compensated appropriately
So what is the solution when traditional short term disability (STD) products have a 5 day waiting period?
The solution is Cover24, an exclusive product that Risk Transfer along with Compass Consulting and Lincoln Financial has created. Cover24 is a workers’ compensation supplement that provides wage loss benefits to your employees with 1st day accident coverage, no waiting period.
What will Cover24 Do For You?
- Improve insurability by reducing Workers’ Compensation loss experience
- Reduce Workers’ Compensation costs by reducing your Experience Mod
- Differentiate yourself from your competition by protecting your greatest asset
What Cover24 Provides:
- Indemnity benefits that mirror that of workers’ compensation
- First Day Accident Coverage
- 13 week Benefit Period
- No Waiting Period
- Part time employee coverage-Available
- A.M. Best “A” rated carriers
- “Pay as you go” rated on a rate/$100 payroll
To learn more about Cover24 please contact one of our Industry Experts for a personal consultation.
