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Worker’s Compensation Insurance

Worker’s Compensation Insurance

Introduction

Worker’s Compensation is a crucial medium that can help you if you are injured on the job and facing a loss of income while you are recovering. Businesses acquire this policy in the event of a worker injury on the job and needs time off to recuperate. This policy compensate the worker for the lost income. This is known as the “compensation bargain.” You need to be aware of this important tool in your arsenal that can help you in the event that “life happens.”

Providing Protection in the Workplace

The main goal of any worker’s compensation program is to protect the employees of a business or organization from the loss of income from a work-related injury. To this end, the worker’s compensation program is administered on a state-by-state basis. Various organizations also have their own workmen’s comp program, including the federal government. Seeing that workers are sometimes only an injury away from losing their position, this policy can ensure a stable income for them in case they are injured on the job and is also an efficient tool for business because they will be preventing possible sues from employees for tort of negligence.

Understanding the Process

Generally, the employee who is injured on the job has 30 to 45 days to report the injury to their employer. After that, the employer is required to submit a report to the Workmen’s Compensation State Board and notify the Worker’s Comp plan. After that, the agency will generally pay an injured worker’s medical bills as well as 66 percent of the worker’s weekly income in the form of temporary disability checks. There are times when the process goes a bit differently. Sometimes a worker will go to the doctor and will fill out the worker’s compensation insurance only after the doctor discovers that the injury was workplace-related. Either way, this important medium is one great way for workers to continue to support their families even while injured.

Types of Coverage

Finally, there are different types of coverage in existence. These would include temporary total disabilities, temporary partial disabilities, permanent total disabilities, and permanent partial disabilities. Whatever the type of disability might be, the fact that workers and businesses get the care and protection they need is definitely a good thing.






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