Erie Workers Compensation Insurance
Workers' compensation is one of the most common protections an employee can receive if they ever become sick or injured on the job. Unfortunately, some people might find the workers' compensation system complicated to navigate when they need it the most. It's because of this that we now take a look at some of the most important points to know about this very important protection.
What Is Erie Workers' Compensation Insurance?
Erie Workers' Compensation Insurance Maryland is a form of insurance that offers medical and lost wage benefits to employees who have suffered injuries or illnesses while on the job. Each state's laws require a certain amount of coverage, which means that the medical and lost wage benefits vary from state to state.
Workers' compensation insurance is an exchange in which the owner of the business purchases this form of insurance for their employees. In turn, the employer receives a certain degree of protection in civil suits that employees might otherwise initiate if they suffer injuries in the workplace.
Erie Workers' Compensation insurance is a win for both parties, especially because this type of insurance is backed by a reputable insurer, and, in some states, by public funds. It covers medical expenses, lost wages and rehabilitation expenses for employees who suffer injuries or become ill while working. It also provides death benefits for the families of employees who lose their lives while on the job, within the limits of covered events and circumstances.
How Is the Cost of Erie Workers' Compensation Insurance Maryland Determined?
Similar businesses in each state that show comparable costs and patterns for injuries in the workplace are grouped into "classes." The fees for each class are based on the previous five years of losses that correspond to the appropriate class. This allows for an equitable system in which the fees are paid in proportion to the claim history of each type of business. Then, economic factors from each state are added to these numbers to determine the fee for each class in a certain area.
A system known as "experience rating" allows for the fees for each class to be modified based on the history of losses of a certain business. This system allows employers a certain level of control over the cost of their Erie workers compensation insurance premium. In general, safe workplaces are rewarded with lower premiums, while unsafe workplaces are penalized with higher ones.
Who Must Carry Workers Compensation Insurance?
The vast majority of states require most businesses that have employees who are not full or partial owners of the business to carry workers compensation insurance. Businesses that don't offer this form of coverage to their employees can suffer serious and costly repercussions, some of which include the payment of claims from their own pocket, together with fines and even time in prison, as well as the possible loss of their right to conduct commercial business in the state. For these reasons, businesses should prioritize this coverage to remain in compliance with state laws.
How do Erie Workers Compensation Insurance Maryland claims work?
The injured party must consult a medical professional immediately after the injury has occurred in order for them to provide all the medical reports necessary to support a claim. After this, the employee can start the process of entering a claim with Erie, making sure to include any and all documents required by the state. Once these claims are approved the beneficiary will receive compensation and can return to work when ready.
While the process is designed to be simple and straightforward, we understand that it is a worrisome time and your state's requirements can make things more confusing and difficult, and you should not be left to do it on your own. We know you have enough to worry about without adding any more difficulties to your claim, which is why at Erie we are committed to helping you navigate the entire worker's compensation process, regardless of whether you are the employer or the employee.
How do I get Erie Workers Compensation Insurance?
To receive more information about our workers' compensation insurance give us a call and we will be happy to help you answer all your questions and navigate your options.