Workers’ compensation insurance exists to protect workers from financial hardship after an on-the-job injury. With the workers’ comp system, you should not have to worry about long-term medical expenses or lost income.
Workers’ compensation benefits in New York should cover the cost of your medical treatment and help replace a significant portion of your wages while you can’t work. If you can return to lower-paid work, partial disability benefits to help cover the gap in what you make may be available.
Many people apply for workers’ compensation and assume the insurance company will do right by them. Unfortunately, putting your faith in the insurance company can be a major mistake.
The insurance company’s loyalty is to its profit margin
Insurance companies are some of the biggest advertisers in the United States. Why is that? Perhaps they need a constant stream of cheerful brand management to counter the horrifying bad faith insurance stories that emerge every year.
While workers’ compensation insurance companies do not advertise in the manner home, life and car insurance companies do, they operate in a similar manner. The goal is to collect premiums and minimize what is paid in claims. The more benefits you need after an injury, the bigger the impact on the profit margin.
Risks when dealing with insurance companies
Insurance companies use a variety of tactics to minimize what they pay on reasonable claims.
Sometimes they deny valid claims because they know that not everyone will appeal. They may cut off or lower a claimant’s benefits on baseless grounds. Finally, the insurance company may try to convince a claimant to accept a low settlement offer.
A lump-sum settlement can be a positive resolution for a large workers’ compensation claim. However, once you accept the settlement, the insurance company is off the hook for future compensation. Settlements require scrutiny to ensure that they will adequately compensate someone for long-term losses.
Who is on your side?
For all of these reasons, it is very important to have an experienced workers’ comp attorney who will strive to get the benefits you deserve.