Funding a Slip and Fall Settlement
A slip and fall settlement occurs when the victim of a slip and fall accident accepts payment from the at-fault party, the person or business who owns the property where the accident took place. Slip and fall victims often face sudden and painful realities as a result of their injuries including medical costs, legal fees, wages lost, emotional distress, and pain and suffering. Slip and fall victims can receive monetary compensation for these damages through a slip and fall settlement.
Slip and fall in Stats
How LitiPay Pre-Settlement Funding can help slip and
fall victims
LitiPay’s litigation funding can support victims needing to cover short-term costs, allowing the victim to pursue legal recourse and have the at-fault party pay fully for damages and costs.
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Advice for slip and fall victims
A slip and fall accident can be a shocking, painful experience with long-term consequences including chronic pain, ongoing doctor visits, physical therapy, pharmaceutical treatment, mental health services, and lost wages. Victims who know their options are empowered to respond to their slip and fall accident quickly and strategically, reducing the collateral consequences of the accident and initiating recovery right away.
After a slip and fall accident, victims should:
Receive medical help.
A slip and fall accident can cause extensive bodily harm. Seek immediate medical care to mitigate the risk of long-term injury and to begin documenting the incident.
Notify the property-owner of the slip and fall accident.
Send the person or institution who owns the property where your accident took place written notification about your slip and fall. Keep a copy of this written report for your records.
Gather your evidence.
Take photographs of the exact spot where you slipped showing the cause of the accident. Collect the names, phone numbers, and addresses of all witnesses. Write a written account detailing what happened leading up to the fall, the impact of the fall, and the immediate aftermath. Finally, keep a careful inventory of the expenses incurred as a result of your injury such as medical and legal fees.
Stay calm and collected.
Limit the amount of information you share with the public and the property-owner regarding your slip and fall. Don’t post about the accident on social media, consult with the property-owner, or contact the property-owner’s insurance company until you’ve discussed your options with legal counsel.
Contact an attorney.
Consult with an experienced lawyer to determine your next steps. If the slip and fall accident was not your fault and could have been prevented by the property-owner, you may be able to receive compensation for your injury through a slip and fall settlement.
Recovering from a slip and fall accident can be a lengthy and frustrating process. Having a plan of action in place can help you find your feet again, mitigate the sense of chaos, reduce financial harm, and accelerate the healing process.
How Slip and Fall Settlements Work
Slip and fall accidents are the leading cause of hospital visits in the US. Annually, roughly 8 million injured victims check into the emergency room, initiating the beginning of a financially and emotionally laborious recovery from a slip and fall accident. Victims can seek compensation by filing a lawsuit or accepting a slip and fall claim settlement.
Victims who urgently need funding to cover expenses resulting from the slip and fall accident are more likely to pursue a settlement than litigation. Slip and fall settlements allow victims to accept payment from the at-fault party quickly instead of leaving the compensation amount and timeline up to a judge and jury.
At the same time, settlements are not without vulnerabilities. Victims may accept a settlement amount lower than what they could win in court. Additionally, settlements may move more efficiently than lawsuits, but funds might not be disbursed as quickly as the victim needs them to be.
If a victim wants access to settlement funding immediately, they can structure a pre-settlement funding arrangement. Much like a cash advance, this type of service allows slip and fall victims to receive a portion of their compensation before a settlement agreement is reached. However, pre-settlement funding is not a loan, so victims are not required to pay the advance back, if the lawsuit does not result in a monetary recovery.
FAQs from Slip and Fall Settlements
Disclaimer: The information on this page is not intended to be legal advice. Please ensure you seek legal counsel in the event of a personal injury.
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