When you’ve been injured on the job, you may be wondering what your options are for getting compensation. In most cases, you will either file a workers’ compensation claim or a third-party claim. But what’s the difference between the two?
In this blog, we’ll explain the key differences between workers’ compensation and third-party claims so you can better understand your options.
What Is a Workers’ Compensation Claim?
If you’ve been injured at work, you may be wondering what a workers’ compensation claim is and whether or not you should file one. Workers’ compensation is a system of insurance that provides benefits to employees who are injured or become ill as a result of their job. Benefits can include medical expenses, income replacement, and death benefits.
In order to file a workers’ compensation claim, you must first notify your employer of your injury or illness. You then have a limited amount of time to file a claim with the workers’ compensation board in your state. If your claim is approved, you will receive benefits based on the severity of your injuries.
If you’re not sure whether or not you should file a workers’ compensation claim, it’s important to speak with an experienced attorney who can evaluate your case and advise you of your legal rights.
What Is a Third-Party Claim?
A third-party claim is a type of insurance claim that is filed by an individual or business that has been injured as a result of the negligence or wrongdoing of another party. This type of claim is typically filed against an insurance company, although it can also be filed against an individual or business.
Third-party claims are typically filed when an individual or business has been injured as a result of the negligence or wrongdoing of another party. For example, if you are involved in a car accident that was caused by the other driver’s negligence, you may file a third-party claim against their insurance company.
Alternatively, if you are injured as a result of a defective product, you may file a third-party claim against the manufacturer or retailer of the product.
The process of filing a third-party claim is similar to the process of filing an insurance claim. You will need to gather evidence to support your claim and submit a formal complaint to the insurance company.
If the insurance company denies your claim, you may have to file a lawsuit against the responsible party.
Third-party claims can be complex and time-consuming. It is important to work with an experienced attorney who can help you navigate the process and ensure that you receive the compensation you deserve.
Which Party Pays for Accident-Related Costs?
One of the biggest differences between workers’ comp and third-party claims is who pays for the costs of the accidents. While workers’ comp pays for all costs associated with the accident, third-party claims cover only medical bills and lost wages.
Third-party claimants also may be responsible for their insurance deductibles and co-payments. Workers’ compensation benefits are paid by your state’s workers’ comp fund.
These funds are paid for through taxes and assessments on employers. Third-party claims are paid by the person or company responsible for causing the accident.
How Much Is a Workers’ Comp Claim Worth?
Workers’ comp benefits vary between states, but on average, the state provides about two-thirds of your gross income. Benefits are paid in a lump sum and are based on how long you’ve worked in the industry and how much you earn.
Third-party claims, on the other hand, are based on what you can prove you’ve lost since your accident. Workers’ comp benefits are paid as a lump sum after a claim is approved. Third-party payouts, on the other hand, are paid out over time.
The amount a third-party insurer will pay is based on what you can prove you’ve lost since the accident. Providing this proof is key to receiving a payout. This is why it’s so important to have an experienced workers’ comp attorney on your side.
An experienced workers’ comp attorney will know how to investigate your accident, gather evidence, and build a strong case for the benefits you deserve. If you’ve been injured in a workplace accident, don’t wait to get help. Contact an experienced workers’ comp attorney today.
It’s also worth noting that the type and amount of compensation you receive is based on the type of injury and the amount of financial difficulty the injury causes. You can use a third-party claim loss chart to see how much your claim is worth.
When Should You File a Workers’ Comp Claim?
While workers’ comp provides a lump sum payment after your claim is approved, third-party claims are paid out over time. Workers’ comp claims are based on how long you’ve worked in the industry and how much you earn.
Because of this, you need to be aware of your state’s statute of limitations. This is the amount of time you have to file a claim after your accident.
When Should You File a Third-Party Claim?
Third-party claims are based on what you can prove you’ve lost since the accident. This means you can file a claim as soon as you become aware of the financial toll the accident has taken on your life.
You can file a third-party claim any time after the accident, so long as you haven’t already settled your case or reached a verdict in court.
When Should You File Both Claims?
If you have a lot of lost income to prove and a high medical bill, you may want to file both claims. Because third-party benefits are paid over time, you can use these payments to help pay your workers’ comp bills.
Conclusion
Overall, workers’ comp claims and third-party claims are both helpful in the aftermath of an accident. However, each claim has its own benefits and drawbacks. It’s important to understand the differences between the two types of claims to decide which one is best for you after your accident.
If you’re still unclear or want professional legal counsel regarding your injury, contact TorkLaw today for a free evaluation.
