Funding a Work Accident Settlement
Work accident settlements are reached when the responsible defendant agrees to financially compensate the injured employee. A work accident settlement should take the medical bills, lost wages, and legal fees resulting from the work accident into account. Once the employee accepts a work accident settlement, they release the defendant from liability and further obligation.
Work Accidents in Stats
How LitiPay Pre-Settlement Funding can help work accident victims
LitiPay’s pre-settlement 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 work accident victims
No one ever plans for a work accident to happen, and navigating the resulting physical, emotional, and financial injuries can seem overwhelming. When employees become aware of their options, they can respond to the work accident confidently and quickly, reducing financial and physical harm and expediting recovery.
After a work accident, employees should:
Seek medical attention.
No matter how serious the injury, your health is your top priority. Get the medical care you need right away to reduce the risk of long-term complications. Whenever possible, go to a medical facility and health care provider that meets your employer’s workers’ compensation requirements.
Notify your employer about the injury in writing.
As soon as you are medically able, inform your supervisor about the work accident. Report the accident by email so that there is written documentation recording the incident. Waiting too long to submit an incident report may disqualify you from receiving workers’ compensation.
Familiarize yourself with your employer’s workers comp policy.
To comply with state laws, most employers have a streamlined process designed to help you report the work accident so you can receive necessary compensation for medical bills and other work injury-related costs. Talk to your supervisor and HR department to get the information you need.
Learn about your state’s workers’ comp laws.
The law requires most businesses to obtain workers’ compensation insurance to fund the expense of work accidents, including time spent away from work. Find out how your state defines workers’ comp eligibility so you can access the funds and protections you need to recover.
Keep records.
Take inventory of the costs associated with your work accident including doctor visits, prescription medications, physical therapy, counseling, or decreased pay. These records will inform your work accident settlement amount.
A work accident can be disorienting and debilitating, and moving through recovery may take months or even years. Fortunately, a well-executed response plan will help you cut down on the costs of your injury and on the time it takes to move forward.
How Work Accident Settlements Work
Millions of work accidents impact a broad range of industries annually. According to the U.S. Bureau of Labor Statistics, over 2 million employees become victims of work accidents each year. Far more employees seek compensation for the resulting financial, physical, and emotional injuries through work accident claim settlements than through litigation.
The legal fees associated with lawsuits can exacerbate the cost of a work injury and take years to resolve. On the other hand, a work accident settlement occurs when the defendant offers to pay and the victim accepts a specific sum of compensation. Work accident settlements may be more appealing to victims than lawsuits because they allow them to immediately access the funds they need.
Though often preferable to lawsuits, settlements come with their own risks. In addition to potentially accepting a sum less than what they might win in court, victims can find systemic red tape confusing and burdensome.
Pre-settlement funding offers work accident victims a safer alternative by giving victims access to funds before their claim is resolved, empowering employees to financially respond to their immediate medical needs.
FAQs from Work Accident 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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