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MA workers' compensation insurance companies want more money

MA workers' compensation insurance companies want more money

Workers' compensation laws are designed to protect both employers and workers. Employers are protected from going through lawsuits while workers are supposed to promptly receive compensation to cover the costs of injuries from on-the-job accidents. In theory, this system works well. In reality, receiving the compensation you are entitled to can be a challenge.

Challenges to getting your money: The insurance company

One challenge is the cost of the system. Insurance companies argue that the cost of providing these benefits is more than current rates are designed to cover. As a result, companies that provide workers' compensation coverage in Massachusetts were fighting for higher premiums, arguing that the current rates are not reflective of increasing costs. Costs like medical expenses and lost wages. Ultimately, lawmakers in Massachusetts disagreed with the proposal. Instead of agreeing to the requested 6.4 percent increase, the state approved an increase of approximately 1.5 percent. The settlement was developed between the Massachusetts Division of Insurance and the Workers' Compensation Rating and Inspection Bureau, according to a recent piece in the Boston Globe.

In the past, the state has denied requests for rate increases, stating the need was not justified. This argument was supported by the insurance industry's profit margin.

Insurance company's profit margin: Desire to make money can get in the way of your benefits

Those who are injured in a workplace accident can benefit from knowing that insurance industries are designed to profit. These industries are looking to make money. As a result, they may not always provide workers with the full benefits they are entitled to. Help is available. An attorney can advocate for your rights and work to better ensure you receive the payment you deserve.

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