Worker’s Compensation

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Unraveling Workers’ Compensation

Overview:

  • Business insurance aiding employees injured or ill on the job.
  • Covers medical care, lost wages, vocational rehabilitation, and death benefits.

Administration:

  • State-regulated programs with varying rules.
  • Federal workers covered by the U.S. Department of Labor.

Mandatory Coverage:

  • Most states mandate coverage for employees.
  • Exceptions exist, varying by state and business type.

Cost Factors:

  • Premiums depend on state laws, business size, payroll, and risk.
  • Shopping around for rates is beneficial in some states.

Filing a Claim:

  • Promptly notify the employer of injuries or illnesses.
  • Submit a workers’ compensation claim form detailing the incident.
  • Employers file claims with their insurance; benefits provided if approved.
  • Deadlines for filing vary by state law, emphasizing the importance of swift action.

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