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Understanding Your Workers Compensation Insurance Policy
Author David Schneider | Nov 19,2007
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Workers compensation is an insurance policy that your employer is required to carry in every state except for Texas and New Jersey. This product protects you in the event that you are injured on the job. While coverage requirements vary by state, you can generally expect to be covered for lost wages, medical treatment costs and rehabilitation costs. If you are an employee, then it is important that you understand your workers compensation insurance policy before you get hurt, so you know what to expect. On the other hand, if you are an employer, then you need to understand the workers compensation insurance policy that you carry so that you know what to expect in the event that one of your employees is injured on the job.
What Workers Compensation Insurance Covers
Most workers compensation insurance policies cover the same things. They cover lost wages, medical treatment and rehabilitation expenses. These benefits are offered to employees on a “no-fault” basis. This means that employees are covered regardless of if the injury was caused by being careless or reckless, or if the injury was caused by an accident.
Limitations and Restrictions of a Workers Compensation Insurance Policy
Like any insurance product, workers compensation policies have limitations and restrictions tied to their coverage and benefits. However, state laws generally govern these limitations and restrictions. For example, some states put limits on how long workers compensation will pay for treatments and lost wages for a single incident, while others put a limitation on how much money they will pay out for a single event. Another common restriction is which primary care provider the injured employee is allowed to use. Some policies allow the employee to choose who they use for medical treatment under their workers compensation coverage, while others require employees to use the medical care provider selected by their employer.
Workers compensation is an insurance policy that your employer is required to carry in every state except for Texas and New Jersey. This product protects you in the event that you are injured on the job. While coverage requirements vary by state, you can generally expect to be covered for lost wages, medical treatment costs and rehabilitation costs. If you are an employee, then it is important that you understand your workers compensation insurance policy before you get hurt, so you know what to expect. On the other hand, if you are an employer, then you need to understand the workers compensation insurance policy that you carry so that you know what to expect in the event that one of your employees is injured on the job.
What Workers Compensation Insurance Covers
Most workers compensation insurance policies cover the same things. They cover lost wages, medical treatment and rehabilitation expenses. These benefits are offered to employees on a “no-fault” basis. This means that employees are covered regardless of if the injury was caused by being careless or reckless, or if the injury was caused by an accident.
Limitations and Restrictions of a Workers Compensation Insurance Policy
Like any insurance product, workers compensation policies have limitations and restrictions tied to their coverage and benefits. However, state laws generally govern these limitations and restrictions. For example, some states put limits on how long workers compensation will pay for treatments and lost wages for a single incident, while others put a limitation on how much money they will pay out for a single event. Another common restriction is which primary care provider the injured employee is allowed to use. Some policies allow the employee to choose who they use for medical treatment under their workers compensation coverage, while others require employees to use the medical care provider selected by their employer. |
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