What You Need To Know About Workmens Compensation Insurance
Millions of people have workers' compensation insurance. In exchange for not filing a suit when you get hurt on the job, the business arranges for you to receive both wages and healthcare. However, the unfortunate truth is most people do not understand their policies or the rights they have. Below are some key terms relating to workers' comp that many do not fully comprehend.
Liability - The amount of responsibility a person holds over a certain situation. For example, was the grievance caused by negligence on your part or the business you work for?
Mutual - A type of insurance company that has no shareholders. Instead, all ownership rights belong to the policyholders.
Premium - The amount that is paid to maintain coverage by workers' compensation insurance. This is usually billed to the company. It can be charged weekly, monthly, or per paycheck.
Claim - A form submitted to the business that outlines the injuries you received on the job. You will be notified if your claim is accepted and covered by workers' comp.
Benefits - A precise outline of what your policy covers. Common benefits are paying for your doctor’s bills, providing a salary while you are out of work, and, in case of death, giving the dependents a specified payout.
Disability - A temporary or permanent impairment that affects you physically or mentally. Your ability to perform normal activities are usually negatively affected.
Settlement - A written contract of the benefits you have been awarded by the insurance company based on your claim. It will discuss both monetary payments and healthcare. All settlements must be looked over by a judge who specializes in workers' compensation to determine if they are fair offers.