Is it necessary to get a Workers Compensation Insurance?
Injuries at work can happen to anybody and at any time. To protect oneself in such incidences, getting a worker compensation insurance is always wise. It offer healthy benefits to the insurer and helps him save big on medical expenses.
Accidents are sudden and unforeseen! Hence, it is always better to take significant steps in its anticipation. Getting the right insurance policy will solve your purpose in this regard. Workers compensation is just another type of insurance that is of biggest help when you happen to meet some accident at work.
Gone are the days when there was no such insurance provided to the workers as a result of which most employers have to face lawsuits. That was the time when employers simply provided wage compensation and hospital expenses to the employee who suffered any bodily injury while working. However, worker compensation insurance has made the things good for both the employees and employers. Here's how.
Workers Compensation Insurance: An overview
Workers compensation insurance is a type of insurance that provides wage replacement and medical benefits to the employees who fall ill or get injured due to the direct effect of their job role. Typically, employers used to pay for this type of insurance and employees did not have to contribute a single penny towards the cost of the compensation. It is a typical insurance wherein the amount which the employee receives is neither declined by his/her negligence nor rises if the employer is at fault. However, a worker looses his/her rights to workers compensation if the injury is a result of his/her negligence. Workers Compensation Insurance claim is granted to the employee only if the employer or insurance carrier acknowledges that the injury or illness is work-related. If the employer or insurance carrier opposes the claim, no cash benefits will be compensated until the workers' compensation judge decides who is right.
What are the Benefits of Workers Compensation Insurance?
The key benefit of this type of insurance is that it saves you a lot of money on medical expenses incurred if you get injured while working. Workers Compensation Insurance is required by all those employers who do not want to spend huge sum treating their injured employees. Instead, offering them a lump sum amount as a part of their expenses benefits them at large. Also, it needs to be noted here that different states have different regulations, which means you must read the policy carefully and see what all it covers so as to extract maximum benefits out of it.
How to get an insurance claim?
To get the policy claim, an employee must inform his/her supervisor about the accident soon after it takes place. In many cases, an incident report is also needed to be submitted to the employer. Then, the injured can be taken to the hospital for treatment. Another form is to be filled soon after getting to the hospital. Normally, this is to validate that the particular hospital is the first place where the worker has been treated. Once done, all these forms will be tendered at the workers compensation office to file an insurance claim. This is the point when an insurance company will appoint an insurance claim investigator who will review and approve the case for compensation. Keep sending the reports of the workers to the policy investigator every time he is seen by the doctor.
This is the basic procedure to get the insurance claims, but there are several cords attached to it especially when the injury is more critical. Moreover, it has already been stated that there are different rules in different states and these rules may also play a vital role in making the procedure more intrinsic and difficult.
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ABOUT THE AUTHOR
Sahil Doshi is professional writer who loves to share his reviews on general insurance policies offered by HDFC ERGO and other companies.