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Workers’ compensation is a type of insurance. It provides wage replacement and other medical benefits to an employee who has been injured while on the job at the company. Workers’ compensation involves a specific process to be considered for claims. Before claiming any insurance benefit, the injured employee should report to the company or employer that an injury has actually happened. It is also important to give all the medical information to the company to let them know what the injury is and what you are expecting for recovery. To claim workers’ compensation, the injured claimant has to fill up an insurance form from the insurer to get the reimbursement. Once you have informed the insurer about the injury, the company offers temporary accountable payments. In most of the cases, the payment is made within seven days. During the seven days’ period, insurance company examines the details of the injury. Decision of insurer is based on the extent of injury, and then they decide whether to disburse the payment or not. Insurer needs some specific information about the injury before making any liability payment. The insurance company should examine the matter closely by asking questions to both the employer and the employee. Additionally, information from the doctor, who is treating the claimant, is required. As soon as the insurer is informed about the injury, insurance company should start provisional payment to the injured employee. Insurance company should decide when to start making provisional payment. The payments may continue for a period of twelve weeks at the most. Workers' compensation benefits usually include the following: • Workers’ compensation provides medical treatment and expenses. It includes emergency care, treatment and follow-up treatment with the doctor, physiotherapy visits, and transportation costs. • Workers’ compensation also provides payment for time off from work for recovery. Normally this includes a weekly benefit of 66.67% of a worker's average weekly income. It should not last more than two years. • Workers’ compensation also offers payment for any permanent injury. Sometimes injury that occurs during the work may result into a permanent physical injury. It can sometimes affect the employee’s ability to perform some specific tasks or work. Sometimes a slight injury can meet the criteria of a small permanent disability payment. • Workers’ compensation also provides vocational rehabilitation services. If an employee needs to change the job, he or she can do so. In most conditions it pays for retraining or re-education. • Workers’ compensation also offers payment benefits in case of employee’s death. Dependants of the dead worker are eligible for burial costs and a fair amount of money in most cases. Roundstone Management, Ltd. (“Roundstone”) based in Westlake, Ohio is a Workers Compensation Group focused on the development, underwriting and servicing of alternative risk products, including captives, rent-a-captives and specialty Workers Comp Insurance Providers. Roundstone offers intermediaries and buyers an expertise in the captive marketplace utilizing the facilities of Roundstone Insurance, Ltd
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