Designed to replace the earnings of employees who have been in a workplace accident, the overall state of the workers compensation market can have an impact on the policies and benefits available. Every employer in the United States is mandated by law to provide all employees with the ability to receive workers compensation benefits. Coverage, policies, waiting periods and benefits can vary immensely as insurance companies offer unique plans. And, despite the fact that there is healthy competition among workers compensation providers, all injured workers need to know if their circumstances indicate that legal action could be taken successfully.
In this article, we’re going to take a look at what workers compensation is, how you can file for it, how much you can expect to receive, and how long it lasts.
How Can You Benefit by Filing a Workers Compensation Insurance Claim?
The first and most immediate benefit associated with filing a workers compensation insurance claim via your employer is having verifiable documentation of your claims. This information can be especially helpful if you decide to sue your employer for causing your workplace injury. Filing a workers compensation insurance claim also entitles you to be considered for financial benefits. Remember that a workers compensation insurance claim is a request filed on your behalf to the insurance provider, asking that they weigh the merits of your claim and make a determination.
Your employer will be asked for details surrounding the nature in which you became injured, and a doctor will examine you and also provide a written report on your case. A workers compensation insurance claim can be denied or placed under formal review if the insurance company feels that claim is unjust or unmerited. Filing a workers comp claim doesn’t guarantee that you will be entitled to financial awards or medical coverage, but it does allow injured parties to exercise their legal rights the proper way.
How Much Money Are You Entitled to Receive Under Workers Compensation?
The amount of money you are entitled to receive does depend on the state where you live. However, as an example, injured workers in New Jersey earn approximately 70 percent of their gross pay. Not all injured parties are going to receive the maximum benefit available, and compensation percentages can be different between states and insurance providers. When you are approved to receive workers compensation benefits, you cannot legally collect additional monies through gainful employment or social security. Your benefits will last as long as you are deemed to be injured by the workers comp insurance company that you receive coverage from. Once you are once again deemed fit to work, your benefits will stop. The same will happen if you gain employment.
What Happens if You Are Permanently Injured?
Workers compensation benefits are not designed to run out, but many permanently injured parties do ultimately transition to social security disability if they cannot go back to their chosen professions. Other injured workers decide to file a lawsuit against their employers and sometimes even their workers comp insurance providers in some instances. You can be on workers compensation benefits for many years if your personal circumstances allow it, although it is always wise to hire a lawyer to ensure that you receive what you rightfully deserve.
Having a good workers compensation insurance plan will be immeasurably helpful if you ever become injured. Living in a state where the market is strong can also give you access to superior benefits. In the end, avoiding workplace injuries can help the overall workers compensation insurance market to stabilize even further.