Workers’ Compensation Insurance Coverage for Hedge Funds in Georgia
Nearly all hedge funds must have Workers’ Compensation insurance to comply with current coverage requirements in Georgia.
Workers’ Compensation provides coverage for hedge fund employees that are hurt on the job in Georgia. Benefits compensate workers for their medical bills in addition to a percentage of their lost wages. Civil and criminal penalties can be imposed on hedge funds or any company that fails to comply with its insurance liability in Georgia. Transitional jobs, though unnecessary in some instances, can help hedge funds reduce the benefits paid to workers and get hurt employees back to work sooner. Obtaining policies from private carriers is often preferable than self-insuring, as it allows for greater protections and more convenience.
Call our Georgia Workers’ Compensation insurance brokers at (866) 340-9120 to find a policy from NPN Brokers today.
Benefits Covered by Workers’ Compensation for Georgia Hedge Funds
Workers’ Compensation covers various expenses incurred by hurt employees in Georgia. When hedge funds acquire the necessary Workers’ Compensation coverage, they will be immune from financial responsibility for any employee injuries or related costs.
Employees’ Medical Bills
One of the biggest expenses of work-related accidents at hedge funds in Georgia is the employee’s medical bills. Depending on the severity of the injury sustained at work, medical bills can be very costly, and the worker might require extensive medical care for a long period of time. Severe workplace accidents might happen even in office environments such as hedge funds. Fortunately, Workers’ Compensation will cover all appropriate medical bills associated with an employee’s injuries so that their employer, the hedge fund, does not have to.
Employees’ Lost Wages
Workers’ Compensation also covers a portion of an employee’s lost wages. In Georgia, workplace liability insurance benefits for lost wages equate to two-thirds of an employee’s average weekly wages. Benefits for lost wages cannot exceed $800 per week. Again, when hedge funds have Workers’ Compensation policies, they will not be responsible for compensating injured workers for any lost wages.
Survivors’ Death Benefits
In addition to lost-wage and medical benefits, Workers’ Compensation also covers death benefits in Georgia. Death benefits are paid to eligible surviving family members of employees who died due to workplace injuries or illnesses. Death benefits can cover burial and funeral expenses, up to $7,500, and lost future income, among other costs.
Criminal and Civil Penalties for Workers’ Compensation Non-Compliance for Hedge Funds in Georgia
Failing to comply with Workers’ Compensation coverage mandates is a serious offense in Georgia. The Enforcement Division of the State Board of Workers’ Compensation investigates instances of non-compliance and enforces civil penalties. Criminal penalties might also be imposed on hedge fund employers in Georgia.
The initial penalties for non-compliance with Workers’ Compensation requirements are $5,000. The Enforcement Division will also likely enforce a stop-work order, preventing hedge funds or other non-compliant businesses from engaging in any activity until they acquire the necessary coverage.
Furthermore, hedge funds that do not get insurance from our Workers’ Compensation insurance brokers or any other source and are identified as non-compliant will be responsible for compensating an injured worker for their damages. As a further punishment for not complying with coverage mandates, an employer might have to pay an additional penalty of 10% of the injured worker’s losses.
In addition to civil penalties, there are criminal penalties for not having workplace liability insurance coverage when required in Georgia. Hedge fund employers that willfully do not have Workers’ Compensation or refuse to get it after being notified of their non-compliance will be guilty of a misdemeanor. These offenses come with fines and, in some cases, jail time in Georgia.
Getting a Hedge Fund Employee Back to Work After an Injury in Georgia
Working at a hedge fund is not labor-intensive, meaning hurt employees may be able to return to work in some capacity more quickly following an injury or illness in Georgia. This is ideal for hedge fund employers, as offering transitional jobs can lower the benefits that are paid out.
Hedge fund employees spend the majority of their time at computers or speaking with clients. If the injuries sustained by a worker prevent them from returning to their previous job at full capacity, employers might be able to offer transitional jobs. This will allow an employee to earn an income, even if it is lower than their previous income, and workplace liability insurance benefits. Their benefits for lost wages will be reduced, meaning your carrier will not have to pay them as much.
This can positively affect your Workers’ Compensation premiums as well. Premiums tend to increase when workplace accidents occur, depending on their severity. Transitional jobs can reduce an accident’s impact on Workers’ Compensation premiums, keeping costs low for hedge funds in Georgia.
Handling Workers’ Compensation Claims for Hedge Funds in Georgia
If one of the workers employed by your hedge fund gets injured on the job, there are certain things you can do to help your carrier process the claim more easily in Georgia.
Start by informing your carrier of a workplace incident. This must be done quickly in Georgia to comply with mandates. Then, provide any information your carrier might need. This could include statements from other employees and managers, as well as information about the accident and its aftermath.
Your carrier will then investigate the claim and decide whether or not to approve it. The insurance provider mostly handles the claims process, and the employer has little involvement. This results in a smoother claims process, one that hedge fund employers do not have to concern themselves with. If you do not have Workers’ Compensation for your hedge fund, the claims process will go through the State Board of Workers’ Compensation, and you will have to repay the agency.
Call Our Georgia Brokers to Get Coverage for Your Hedge Fund
When you call NPN Brokers at (866) 340-9120, you can get quotes from our Workers’ Compensation insurance brokers.
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