Workman’s Comp Settlements
If you have been injured at work then you should file a workman’s comp claim and seek the benefits that you are entitled to. You should receive workman’s comp benefits which include wages and the payment of medical treatment. In a perfect world every one that got hurt at work would receive immediate benefits but our world is not perfect and neither are insurance companies.
A Workman’s Comp Settlement is the money you will receive from the insurance carrier at the conclusion of the case. They will pay you a settlement in return for you signing a release that you will not be entitled to any future benefits. Workman’s Comp Settlements are similar to personal injury settlements in that a lump sum is paid by an insurance company to end the claim. Phases of a worker comp settlement.
Unfortunately the workmans compensation insurance carriers do not like to pay benefits or settlements to employees unless they are absolutely sure the person was hurt at work and therefore covered under the policy. This means that in many cases an employee will have to hire a lawyer to help him/her fight the worker compensation claim. How to choose a lawyer.
People do not plan to get hurt at work, so when it happens many people are thrown into a new chapter in their life. Often times they may not have enough savings to pay their monthly bills and the workmans comp insurance carriers can take months to begin paying benefits. This is why many of the worker comp claimants seek a settlement loan so they can continue to pay their monthly bills.
Pre Settlement Funding companies have started to advance funds to claimants of workmans comp settlements in exchange for repayment when the settlement is distributed. This is a risky business since not all cases settle and some claimants receive no benefits at all. Obtaining a settlement loan can help a claimant wait for a fair resolution and settlement to the claim.
Although a claimant may pay fees to the pre settlement funding company, they are often small in comparison to the increase size of the ultimate workmans comp settlement. Learn more about the benefits of pre settlement funding.
A Work Comp Loan can help a person keep their good credit and pay their bills while they wait for the insurance carrier to begin paying benefits. Settlement loans for workmans compensation or personal injury can help level the playing field between claimant and insurance company. In most cases the increase settlement amount on a workmans comp case is outweighed by a higher settlement amount. It is not often that people make more money on a loan against an asset.
If you think you are going to receive workmans comp settlements then you should make a point to hire a good lawyer and seek a worker compensation settlement loan if necessary.