Workers’ compensation is a type of business insurance designed to offer benefits when an employee is injured while present within the workplace. Typically, this type of protection helps to cover medical costs and also provides at least partial replacement of wages while the employee recovers.
Given how this is something you want to have in place for your operation, it makes sense to ensure it’s managed responsibly. You’ll find that making the most of the workers compensation services Farmington Hills MI offered through your payroll partner makes sense. Here are some of the ways that partners can help.
Access to Experts Who Can Provide More Information on Workers Compensation
While you understand a great deal about workers compensation, would you call yourself an expert? Most business owners would admit their knowledge is limited. That means it’s a good idea to have access to those who can answer any and all questions related to workers comp.
Thanks to what is in place with the payroll service, you do have a ready source of information about anything to do with this type of business insurance. You can learn more about how it works, the way that current laws impact the coverage, and what rights and responsibilities you have as an employer. That’s information you can put to good use.
Establishing a Pay as You Go Approach Within the Payroll Setup
In most states, you, as the business owner, will pay a percentage of the total payroll into a workers comp plan. Employees will also contribute. What you want to do is ensure that the payments to the plan are handled in a timely manner while also ensuring they don’t place stress on the company budget.
Your payroll service partner can help with this. It’s easy enough to track what the company needs to remit based on weekly, biweekly, and monthly payroll activity. As part of the process, it’s possible to set up a pay as you go schedule that ensures the funds are collected incrementally, held until they are due, and then remitted without the company having to cover the entire cost at one time. See this as a way to have more management over your financial resources.
Easy Access to Reports
Opting to make use of the workers compensation services Farmington Hills MI offered through your partner means that you have access to all data related to this form of compensation. At any given time, you can see what’s been collected and is currently being held, payments that have been forwarded out, and any claims that are currently active.
This makes it all the easier to keep abreast of where you are with this type of activity. It also places you in a position to account for funds if there’s the need for an audit, or there are questions about what sort of remittance was made for a previous period.
Support with Filing Claims Any Time of The Day or Night
Events resulting in the need to file a workers compensation claim can happen at any time. Your goal as the employer is to see that the claim is processed in a timely manner. What you may not know is that the right compensation service can help with the preparation and submission of that claim.
Why does this matter? An expert will ensure that all the questions asked as part of the claims process will have complete and accurate answers. This helps to minimize the odds of the claim being rejected due to a lack of data. See it as one way to ensure your injured employee begins to receive benefits sooner rather than later.
If you don’t already have this type of support in place, now is the time to change that. All it takes is one event to make all the effort worthwhile.