Workers' Compensation
Pay As You Go | Discounts & Dividends | Workers Compensation Prequalifying questions
SAFEGUARD YOUR WORKFORCE
Protect your company’s most valuable asset-your employees. Worker’s compensation insures that your employee’s medical costs and lost wages are provided should an on-the-job accident occur. The State of Florida requires companies with four or more employees in a non-construction industry and companies in the construction industry with one employee are required to carry workers’ compensation.
PrimeGroup and PrimePay have partnered to bring you a hassle free approach to workers’ compensation insurance-Pay As You Go. Our Pay As You Go program calculates and drafts your premiums each time your process a payroll. This is one of the easiest ways to provide the critical coverage you need to protect your business while improving your company’s cash flow. Other benefits include:
- $200 down payment
- No monthly installments or checks to write
- Premiums are drafted electronically at time of payroll
- Premiums are calculated on actual payroll, not estimated
- Minimizes year-end audit surprises
PrimeGroup understands the high cost of workers compensation insurance. Therefore we strive to ensure that every client is receiving any and all discounts on their policy. Discounts available include the following:
- Safety Discount: If you currently have a safety program in place in which you hold frequent safety meetings with specific safety rules and procedures you are eligible for a 2% credit on your work comp premiums.
- Drug Free Discount: If you currently have a Drug-Free Workplace Program where drug testing is done for new hires and for reasonable suspicion of drug use you are eligible for a 5% credit on your work comp premiums.
- FCCPAP Credit: This credit was designed for contractors who pay their employees an average hourly rate of $10 or more. Based on the average hourly rate of your contracting employees you could be eligible for a discount between 5 and 25%. For example if your average hourly rate is currently $14 an hour, you would qualify you for a discount of 16% on your policy.
- Dividend Programs: Dividend plans are designed to reward insured’s who do not have a lot of claims. This is a sliding scale program based on the amount of premium an insured pays into the carrier vs. the amount of money paid out in claims. This percentage is called the “loss ratio”. For example, if an insured pays in $18,000 in premium and has no losses for the year, they would be eligible for a 12% return of their premium or $2,160 back. If the insured has some claims and had a loss ratio of 4% they would still receive 8% of their premium back.
Download the WORKERS' COMPENSATION PRE-QUALIFYING QUESTIONS
