Get A Workers Compensation Loan
There are around 2.8 million nonfatal workplace injuries each year. If you’ve suffered one of these and you’re worried
about your financial situation, you should know that you’ll be entitled to workers’ compensation. This should cover a large portion of your lost wages and medical expenses.
However, if your settlement is challenged through litigation, you might find yourself short of money in the short term. Settlement loans for workers’ comp can be very useful in this situation.
Read on to learn more about this type of loan and whether you should take one out.
What Is Workers’ Compensation?
If you suffer an injury or fall ill at work, you may be entitled to receive workers’ compensation. This scheme will cover a certain amount of any wages you lose out on while you’re out of work, as well as expenses related to your medical treatment.
The precise laws on workers’ compensation vary from one state to the next. However, where you suffer an injury as a direct consequence of your workplace activities, your employer should have to provide it.
There is a wide variety of injuries that qualify for workers’ compensation. The most common complaints that see claimants get relief are musculoskeletal issues, such as broken bones or damaged ligaments and tendons.
It is possible to secure compensation for psychological issues in some cases. However, because causation is more difficult to prove in the case of a condition like anxiety or PTSD, payouts are less common.
Settlement Loans for Workers’ Comp
Even clear-cut workers’ compensation cases can end up in court. While you might be certain of the outcome from the very start, it can take a long time to convince a court of the real facts of a case.
Unfortunately, during this period you won’t have access to any of your compensation money. This means that you’ll be left to fend for yourself financially, potentially with no income whatsoever.
Not only that, but you will also not have access to workers’ compensation doctors for your medical care. This means that you may have to pay for treatment out of your own pocket, especially if you have an urgent condition like chronic pain.
This isn’t a situation you will be able to sustain for long, especially if you have a family to support. Luckily, workers’ comp settlement loans exist to address precisely this need.
How Does the Loan Work?
Once you receive notice that your claim is in dispute, you are entitled to apply for one of our settlement loans.
The rules on how and when you can apply for this type of loan vary from state to state. In some jurisdictions, you’ll have to hire a lawyer before you can submit an application.
If you’re struggling to put money together to mount an effective case, we also offer lawsuit funding loans.
States in Which Workers’ Comp Settlement Loans Are Available
Workers’ compensation disputes are common in every state. Unfortunately, not every state permits workers’ compensation settlement loans.
We provide a list of states in which our services are available on this page.
Why Might a Workers’ Comp Case End Up in Court?
You might think that securing a workers’ compensation payout would be a simple process. After all, most companies in
most states are legally required to have workers’ compensation insurance, and even many of those companies that aren’t affected by this rule choose to take out insurance anyway.
However, it’s not always as easy as collecting your check from the insurance company. Workers’ compensation disputes are unfortunately very common.
The objection may come from the employer or from the insurance company.
Employers’ insurance premiums will climb considerably after a claim. This is because insurance companies assess premiums on the basis of risk and because one claim indicates a higher likelihood of another happening in the future. Therefore, many choose to contest workers’ comp claims.
Insurance companies also choose to do this in some cases. Their business model relies on the payment of as few claims as possible, which means that they’ll do whatever they can to disprove claims in a lot of situations.
What Will They Dispute?
Generally, the easiest way for an employer or insurer to challenge your workers’ compensation claim is to raise a question about causation. What this means is that they’ll attempt to prove that your injuries did not arise due to workplace activities.
This is impossible in many cases, such as where a worker falls from a height and suffers a broken bone. However, not every injury or illness has as obvious a cause as this.
For instance, consider repetitive strain injuries. These are conditions that arise due to a continued pattern of exertion over a long period, such as lifting or carrying.
If you suffer such an injury, and you perform lifting or carrying movements outside of work (such as in the gym) your opposition may try to use this to disprove your case.
Getting the Help You Need at a Difficult Time
Workplace injuries are hugely difficult for anyone. The physical trauma of suffering an accident coupled with the financial difficulties that might accompany it are enough to overbear on anyone’s resolve.
However, if your workers’ comp case ends up in court, you should know that there are ways to keep yourself afloat financially until you get your money. Settlement loans for workers’ comp give you an invaluable option when times are tough.
If you’d like to learn more about this financing option, contact us today to find out if your issue qualifies for a loan.
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