What
is compensation claim?
Compensation claim or workers compensation
is one form of insurance that provides compensation of medical
care for employers who where injured on they work, in exchange
workers can sue his or her employer for tort of negligence.
Compensation claim in U.S. first began
in 1911 during so called Progressive era, generally injured
workers had to file suit against employers and it was usual
for tort of negligence and it was big drawback for workers,
at the same time successful suit would made unpredictable
cost for employers. This trade-off was known as the "workers'
compensation bargain" that is when worker traded his
or her right to bring tort suit against employer in exchange
for disability payments and medical care.
For commercial insurance market compensation claim
is major business although it sometimes make problems for
insurance industry, premiums can be very large but some
insurers find it hard to make good profit in some states.
Compensation insurance has also led to significant twist
in cost, there are two types of market moves soft and hard,
so employers often benefit from low premiums insurance in
soft market, but when it comes to hard insurance market
their premium increase much more.
When should one claim accident or injury compensation?
It is always best to make your claim as soon as you are
able to, and you should report your accident to local council
and your employer or owner of property where accident happened.
There is three year period before you can make your claim,
after that it is probably too late.
If you lose your compensation claim and
the other person wins, you will probably not have to pay
for his solicitor’s claim.
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