Workers Comp Insurance: Everything You Need to Know
Whether you work in a factory or behind a desk in an office building, accidents can occur. While many of these can be minor, others can be costly, and in some cases, fatal.
According to the Bureau of Labor Statistics, 5,333 fatal workplaces accidents occurred in 2019.
While workers can’t always prevent accidents, they can give themselves a safety net when they do. For most employees, that safety net is workers comp insurance.
Today we’re going to talk all about workers compensation, and specifically, how applying for it can benefit both you and your employer in the long run.
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What Is Workers Comp?
Workers compensation or workers comp, for short, is an insurance program that helps injured workers cover medical costs and other expenses. Some of the injuries covered by the program include:
- Injury/loss of limb
- Motion injuries
- Medical treatment
- Permanent impairment
- Loss of wages
The best way to know whether you qualify for workers comp is by speaking with a team of legal experts.
Who Does Workers Comp Protect?
Of course, workers compensation provides massive benefits to employees, as it prevents them from having to use their own resources to cover expenses like medical costs. As mentioned, it can also help cover lost wages.
However, workers comp also benefits employers. Bosses and supervisors don’t need to worry about using the business’ resources to cover injury-related costs.
How Does It Work?
In 49 states around the country (the exception being Texas), employers need to carry employment insurance either through the state or a private provider. While the rules vary between jurisdictions, failure to offer workers comp comes with strict legal penalties.
High-risk jobs in industry and manufacturing often have higher premiums than jobs in offices due to a higher risk of accidents. However, as mentioned, accidents can happen anywhere.
What Does the Claim Process Look Like?
If you get into an accident/injure yourself on the job, there are a few different steps that you can expect to go through. These include:
- Relevant workers treat any medical injuries
- The employer or employee prepares a formal insurance claim
- The employer’s insurance company files the claim within 24-48 hours
- The insurance company approves or denies the claim
- If it gets denied, the employee can request an additional review
The best way to navigate the process successfully is by working with a workers comp attorney.
Make the Most of Qualified Workers Comp Insurance
Regardless of what sort of job you have, a workplace accident can occur, causing you to land in a world of medical bills and insurance fees. The best way to cover any costs that arise? Workers comp insurance.
As this guide explains, worker’s compensation is the best way to protect yourself financially after an injury. Speak with a legal expert today to find out whether you qualify for it.
Are you looking to learn more about employment insurance? If so, make sure to check out the rest of our site for more great content.