A retro workers’ compensation policy is another term for a retrospective workers’ compensation policy, which offers variable premiums based on how extensively employers use their insurance benefits.
If your company holds this specific form of workers’ compensation insurance policy, you might be affected directly by the way that retro workers’ compensation policies work. You may hire a lawyer to help you understand the implications of a retro workers’ compensation policy and manage your claim.
Retro Policies Incentivize Cost Saving
Investopedia explains that, with an insurance policy that is rated retrospectively, you may pay premiums based on the losses that you do or do not incur during an observed period. In basic terms, if you have a great amount of covered losses in a certain period, you may expect that the cost of your premiums may rise in the following period, and vice versa.
Some may view this sort of insurance policy as fairer than policies that fluctuate based on industry-wide practices and events, as it evaluates policyholders on a more individualized basis. One might also argue that, because an employer’s premiums could rise if they use their workers’ compensation coverage more often, retro policies may incentivize employers to maintain a safe workplace.
However, you might also face negative consequences if your employer holds a retrospective policy for workers’ compensation. Knowing that paying your workers’ compensation claim might lead to greater costs for themselves, your employer may be more likely to:
- Allege that your injury or illness is not work-related
- Allege unfairly that you were intoxicated or engaged in non-work behavior when you got injured
- Take other measures to avoid being held responsible for your injury or illness
If your employer holds a retro workers’ compensation policy, you may anticipate potential obstacles unique to this type of policy. You may choose to hire a lawyer to assist you with your claim and prepare you for these legal obstacles.
Your lawyer may also be familiar with the complexities of retro workers’ compensation policies. They may understand steps that employers covered by retro insurance policies might take to avoid having to pay claims and potentially face higher premiums as a result. Your lawyer may take a proactive approach to any challenges that may lie in front of your claim and respond appropriately when any such challenges arise.
How a Lawyer Can Help with Your Workers’ Compensation Claim
When you speak with the team for a lawyer, they may first inform you whether you should be entitled to workers’ compensation benefits. The Louisiana Workforce Commission (LWC) notes that you may be entitled to these benefits if:
- You were injured while working or made sick because of working conditions
- Your employer has a workers’ compensation insurance policy
- You are not in a group that is exempt from workers’ compensation and are not subject to any other disqualifying circumstances
A lawyer can manage as many aspects of your workers’ compensation claim as possible so that you can spend more time recovering or responding to the loss of a loved one. Some of the specific duties that your lawyer may perform might include:
- Gathering evidence related to your claim
- Helping you document your injuries through photographs, medical records, and any other available means
- Calculating the amount of income you lost because of your injury or illness
- Calculating your total medical costs, both current and future
- Filing your claim
- Communicating with involved organizations and individuals to advance your claim
- Negotiating a settlement on your behalf
- Completing any other processes necessary to resolve your claim
Your lawyer may complete these duties to obtain the workers’ compensation benefits that you may be entitled to receive, which may include coverage for lost income and your medical expenses.
Laborde Earles Injury Lawyers Wants to Help You with Your Claim
Facing a workers’ compensation claim can be stressful, but there may be no way around the claims process if you want compensation for an on-the-job injury or illness. The team at Laborde Earles Injury Lawyers can work on your claim so that you can focus your attention on getting better.
Call Laborde Earles Injury Lawyers today at (337) 777-7777 for a free consultation.