Workers' compensation is a very important tool that you might need some day. If you are injured on the job, then you might be incapable of working for a period of time and drowning in medical bills. In such a situation, a workers' compensation claim might be your only salvation. Here's an overview to help you get better acquainted with the subject:
What is workers' comp?
Workers' comp is a form of insurance that businesses have access to. The general idea is that the insurance will give a sum of money to employees who were hurt on the job under specific circumstances. For instance, if an employee was exposed to hazardous chemicals or injured during an accident at a construction site, then they might have a valid workers' comp claim.
What are the benefits?
Workers' comp can offer benefits to both the employer and the employee. The employer can avoid the hassle, cost, and bad public relations of a trial. It isn't usually in the best interests of a business to have such matters broadcast to the public. The employee can get a guaranteed amount of money, that will likely cover a significant amount of their medical expenses and lost wages.
What is the downside?
The downside is that the employee forfeits the right to file a lawsuit against their company for their injury. While a lawsuit might result in a much higher payout, it is much riskier. A lawsuit is not guaranteed to succeed, and it costs a lot more in time and money to pursue than it takes to file a workers' comp claim.
With a lawsuit, an employee might be able to pursue punitive damages and compensation for psychological suffering and get a much higher settlement. In a workers' comp claim, such subjective measures of suffering aren't normally considered. Instead, the amount of compensation is limited directly to the injury and lost wages.
So how do you file a workers' comp claim?
Depending on your state, the exact process will vary. However, the general idea is that you will fill out a form for the claim and submit it to your employer. Your company will then complete the form and send it to the insurance company that provides them with workers' comp insurance. They will review the form and determine whether or not you will get compensation and how big that compensation will be. If you don't hear from them within a few weeks, you should check with the insurance company to make sure that your claim was received. If you need a workers' compensation lawyer for your case, visit Franco Law Firm.