When you have an accident at work, the financial logistics can feel more burdensome than your actual injury. Filing a workers’ compensation claim and hiring legal help to do so may be overwhelming, but with the right knowledge, you can keep all details organized while you seek the compensation you deserve. While about 85% of workers’ comp claims are due to slips and falls, there are plenty of reasons to file a claim. For example, if you work for a consturction company in South Carolina then you probably want to know the best South Carolina construction attorney. No matter how you were injured at work, this guide will provide some simple advice for financing your situation.
How is my employer’s workers’ comp insurance calculated?
While workers’ compensation laws vary between states, most companies are required to have some sort of coverage in place. And there is usually a formula to calculate this coverage. The following factors are considered:
- Payrol Per $100
- Classification Rate
- Experience Modifier (MOD)
The classification rate of the business analyzes the risk of employee job function, and the MOD measures the company’s workers’ compensation experience. So, these three factors together will determine how much your business is paying to accommodate for the risk of your job. If calculated properly, your employer should have enough insurance to cover your claim.
How can I handle my legal costs?
Even though your employer’s insurance should be able to cover your injuries, this does not mean that the insurance company will readily fulfill your claim. This is why many employees hire a lawyer to help with their situation. Unfortunatly, this comes with certain costs.
If you can’t afford to pay your legal fees through your savings or line of credit, you do have the option of taking out a workers’ compensation settlement loan. Since a lawsuit may take months or years to complete, you may consider taking out a loan to provide some cushion for the time being. Depending on your specific case, you may be entitled to different types of loans. Your lawyer may have more information on this option.
How can I expect to receive my benefits?
Most of the time, workers’ compensation benefits are paid in specific time increments. This varies based on where you live, your employer, and the type of case you are handling. For example, you may receive your payments weekly if your injuries are severe and you are unable to return to work in the near future.
While fractures are easily treated in four out of five urgent care centers, that does not mean your injury will heal quickly. Your payments will depend on the specific severity of your case, and you may be eligible for time loss compensation and temporary total disability. Ask your lawyer and insurance company for more information on this.
Remember that the best way to navigate your workers’ compensation case is to work closely with your lawyer and ask plenty of questions. With this diligence, you can earn the compensation you deserve and avoid a significance financial setback as a result of your injury.