10 Reasons to Include Corporate Officers on Workers' Compensation Policies
Without any uncertainty whatsoever, easily the least expensive form of insurance that provides medical benefits, death benefits and more for work related injuries.
1. Death Benefit: Contains a substantial death benefit for certain survivors. Example: California provides surviving spouse a death benefit of $250k, and additional payments for dependent children.
2. Lost Wages/Disability Benefits: Pays for wage loss due to work related accidents, injury and disease. Up to 2/3rd of your salary subject to the maximums in your state
3. No Deductibles or Co-Payments: There are no deductibles or co-payments for work related injuries that require medical treatment. For covered, work related injuries, 100% medical, drug, hospitalization, first aid, transportation, physician expenses, pharmacy, therapy, home care, prosthetics, follow up care – all medically related expenses, often Including chiropractic, acupuncture and even holistic medicine are paid by workers compensation benefits.
4. No Lifetime Caps for Medical: Work related claims are not subject to regularly high stop-loss amounts like medical/health plans are.
5. Choose your Doctor: Physician of your choice with pre-designation for workers’ compensation covered medical visits.
6. 24 Hour Coverage, even foreign travel: 24 hour protection not limited to your state but includes coverage for travel to all states including foreign business travel when you have a work related injury.
7. Retraining: Incorporates a limited “Supplemental Job Displacement Benefit.”
8. Extra Costs: Has provisions that allow the spouse or “significant other” of an injured worker to collect for the extra expenses that are often incurred as a result of the incapacity of the breadwinner due to a job related accident or injury.
9. Burial Payments: For a work related injury that results in a death, a burial benefit is paid, amount subject to your states guidelines.
10. Cost: The premium basis to cover officers is capped, subject to your states guidelines. You can do a quick Internet search for what the minimum and maximum payroll caps for officers are in your state to estimate your premium. Or call Granite for more information.