Workman’s compensation, commonly referred to as “workers’ comp,” is a legal program designed to cover the expenses of medical bills or loss of income suffered by an employee due to a work-related accident or illness. Although the eligibility requirements for workers’ compensation programs vary from state to state, they generally provide monetary assistance to those whose job-related activities have resulted in physical injury or illness. Depending on the type of workers’ compensation program, an employee may be eligible to receive monetary compensation from the employer or an insurance company, as well as from their insurance provider.
There are other types of coverage provided through these plans, such as personal injury protection (PIP) and personal liability coverage.
What is Workers’ Compensation?
How workers’ comp works is that the employer pays most of the total medical costs associated with any worker’s compensation claim. An employee may be eligible to receive benefits from both the employer and the plan provider. There are generally three phases of a worker’s compensation claim. The first phase consists of filing a claim with the worker’s comp department. In most states, if the employee is injured or suffers an accident that requires him or her to miss work for an extended period of time, the worker’s compensation department must issue a notice of claim within 30 days.
The second phase of a workers’ comp claim is the determination of a determination regarding the amount of the claim. This phase begins with an investigation of the worker’s injury and the accident in question, the type of claim involved, the worker’s history of job performance, the nature of his or her work, and any additional information pertinent to the incident. Once this phase is complete, the employee may submit a petition to the administrator of their plan or an insurance company. If the worker is granted approval to proceed with the claim, he or she will begin receiving compensation immediately, as determined by the administrator or company.
Workers’ comp is necessary and critical to any business with employees. Applied Consulting Group will conduct a workers’ comp audit of your policy for overcharges, often going back ten years. Our team of experts will ensure that what you are paid what you should have paid.
Call Applied Consulting today at (888) 208-0020 or contact us here.