When you have been injured in a workplace accident, you must know what type of Worker’s Compensation Insurance Cover is available to you. This is a vital piece of information to make sure you get the money you need to cover medical expenses and lost wages. It would help to compare different workers’ comp policies to find the right one.
Comparing Workers’ Comp to Other Policies
Purchasing a workers compensation insurance policy is a must for any business. It covers your employees if they are injured on the job. However, rates for the same policy can vary from state to state. Here is how to compare workers’ comp insurance rates.
Workers’ compensation rates are set by your state’s rating bureau. The bureau determines the rate of premium based on a range of factors. Some of these factors include your claims history and industry classification.
A company’s classification code is a four-digit number used by insurers to estimate risk. This code can be found on the front page of a workers’ compensation policy.
Medical Expenses
When an employee is injured on the job, worker’s compensation insurance pays for medical expenses related to the accident. Typical benefits include prescription drugs, hospitalization, and a portion of lost wages. This coverage can last for years and even extend to the rest of the employee’s life.
However, there are times when your employer will refuse to pay your medical bills. If this is the case, you should get an attorney to help you fight to rectify the situation.
Lost Wages
When it comes to lost wages, the benefactor of your employer’s insurance carrier will generally be entrusted to send out a weekly check. For the uninitiated, this can be a confusing process. Fortunately, there are some do’s and don’ts to keep in mind. This list is incomplete. Some insurers are more progressive than others. Regardless of your situation, it would help if you spoke with your claims representative to get the ball rolling.
There are many things to consider when claiming your hard-earned dollars. The finer points must be understood, such as how much to argue and when to claim it. For instance, you can only claim lost wages in certain jurisdictions. You’ll also want to check with your claims rep to ensure you get all the benefits you are entitled to.
Rehabilitation Costs
If you’re a worker injured on the job, worker’s compensation insurance pays for medical expenses to help you recover. Workers’ comp may also pay for vocational rehabilitation to help you learn new skills. However, these costs are often overlooked.
Rehabilitation is a costly first stage in a lengthy treatment process. The rehabilitation hospital is paid for the services on a per-discharge basis. In most cases, these charges do not include physician fees.
Programs for rehabilitation come in four different flavors. These include social services, occupational therapy, psychological therapy, and physical therapy. Additionally, patients may receive therapeutic recreation, speech and language therapy, and psychotherapy.
Rehabilitation hospitals can be paid more for patients who require more care. This study looked at the costs of inpatient rehabilitation for motorcycle crashes. It found that the prices are consistent across age groups and that the length of stay varies based on the type of injury.
Reintegration Back Into The Workplace
Worker’s compensation insurance may help injured workers reintegrate back into the workplace. It covers medical expenses, wage losses, and other related costs. However, the process can be complex. There are numerous rules and regulations to follow.
An effective return-to-work program should include a well-defined set of policies and procedures. This will ensure that both the employer and the employee are on the same page.
The most effective program may involve a coordinated effort by human resources, health care professionals, and the injured employee’s WSIB. It also must apply flexible solutions tailored to the individual’s needs.
An excellent return-to-work plan should incorporate the doctor’s restrictions and other pertinent information. This will ensure that the injured worker is reintegrated into the workplace at the most efficient time.
One of the most important factors is the ability of the reintegrating employee to perform well in their new position. Whether the job is the reintegrated employee’s own or similar to the previous one, the offer should be a good fit.
Location Affects Premiums
If you’re in the insurance business, you’ll likely be familiar with the dreaded worker’s comp insurance deductible. The cost of such coverage varies by state and is primarily based on your business’ location and history of claims. Getting a reasonable rate can be a daunting proposition. This is why it pays to be informed. You can better plan for the future by understanding your own risk profile.
For instance, if your business is located in an area with high crime rates and poor air quality, you’re in for a bumpy ride. Thankfully, the insurance industry is stepping up and ensuring your assets are protected. While your insurers aren’t going to bail you out of jail, they will be there to avert the dreaded deductible disaster. You can shave some of the premiums with a few well-timed changes to your operations.