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What is a worker compensation settlement
There are an increasing number of Workmans Comp claims being reported in the United States. Workers’ Compensation compensates accident victims at work that require medical assistance or result in lost wages from an inability to work. It is considered an insurance that pays wage replacement and provides medical benefits to injured employees. Workers Compensation provides an outlet for employees to claim compensation for their injury. Employers avoid a costly lawsuit and claims are resolved through and administrative board. Although some states do not have a system that allows for worker compensation loans, in many states you can get loans on workers comp and you can negotiate a lump sum worker compensation settlement rather than weekly permanent disability payments. In addition to future wage compensation, if the injured worker has permanent disability due to the work accident, the insurance company will pay for permanent disability payments and medical care. Most importantly, the worker can also settle any disputed reimbursement for past disability and medical bills.
If your Worker Compensation Lawsuit proceeds a final hearing, there is a potential that the judge could settle for less than the insurance company has offered you.
Be sure to consult with a worker compensation lawyer to know your full rights and all the details surrounding your claim.
Here are the advantages of a worker compensation settlement:
- It guarantees you benefits without the risk of a trial. Some states do not allow you to obtain a lump sum payment after you successfully win the trial. So you will only be receiving weekly benefits for a short period of time. If your Worker Compensation Lawsuit proceeds a final hearing, there is a potential that the judge could settle for less than the insurance company has offered you.
- It saves you the time and money it takes for a full hearing and the burdens related to this process.
- You have the option of obtaining money from the insurance company in place of giving up rights to future benefits you can potentially use later on.
How common are worker compensation cases
In the US, there are about 1.1 million reported Worker Compensation cases every year. Workers Compensation claims are funded by monies collected from employers. For example a recent study from Oregon’s Department of Consumer and Business Services shows that California businesses spend $3.48 for every $100 of payroll issued in order to cover worker compensation claims. That’s 188 percent of the median cost of $1.85 for all 50 states. California now the most expensive state was the third most expensive state in 2012 and the fifth most expensive in 2010.
How would getting loans on workers comp help someone
Once you are injured at work, it takes a long time to process the claim. Most of the time, the employer will try not to take on the responsibility of the accident and claim that the accident is not work related. Therefore, approximately 90% of the claims involve a time consuming process between your attorney and the insurance carrier. This is why you may seek a pre settlement workers compensation loan.
The factors mentioned above delay the litigation process and while it could be settled quickly, it may take years. In the interim, your medical bills, rent, car payments and other expenses are burdening your financial security. To help you get through these types financial crisis, Smart Lawsuit Funding can arrange worker compensation loans. A worker compensation claim provides the only collateral for a worker compensation advance against your claim. You do not repay any money until your case goes is settled and the insurance company pays. If you win, then you will have to pay back the funder from the proceed of your case. But if you completely lose your case and collect no settlement, the advance in not repaid.
How long does Worker Compensation Claim take to settle & What are the Terms.
There is no real answer as to how long it can take to settle your claim. It depends on how long it takes your attorney and the insurance company to review the claim and all your medical records to negotiate the terms.
Once a Worker Compensation Settlement is complete, the paperwork can take a few weeks to draft and sign and then it is submitted to the State Board of Workers’ Comp for approval. Once the settlement is approved, then you are generally paid by check within 20 days.
Why should injured employees choose Smart’s services
Due to the uncertainties of how long the process will take, many injured employees turn to Smart Lawsuit Funding for financial assistance by applying for worker compensation loans or a worker compensation pre settlement funding, while they have a pending settlement.
Keep in mind that most states require that you and your employer submit a petition to workers compensation for approval.
Because of the lengthy approval with the workers compensation board, Smart offers services to provide you with the financial support you need while you have a pending worker compensation settlement.
Once we have the following supporting documents from your attorney’s law office, and your claim qualifies our attorney review, your claim can be funded within a business day.
Here is what we request from your attorney:
- Petition to Workers Comp
- Medicals Showing Injury
Provided these documents, Smart has fast, efficient services.
Once you apply, we do all the work for you.
There are states that are not fundable for a worker compensation advance. For more information on which states at this writing allow one to potentially receive a worker compensation loan, please visit Worker Compensation Pre Settlement Funding. Our own list of fundable workers compensation states is as follows.
Alaska, Arizona, Connecticut, Delaware, Florida, Georgia, Indiana, Illinois, Iowa, Kansas, Louisiana, Mississippi, Missouri, Montana, Nebraska, Nevada, North Dakota, Rhode Island, South Dakota, Vermont, Washington, West Virginia, Wyoming.
Many worker compensation settlement cases required worker compensation loans have turned to Smart because we have services that are different from other pre settlement funding companies. Unlike other pre settlement funding companies, we only work with fast, efficient and affordable funding sources that plaintiffs can use as a mechanism to finance their litigation. We only work with top experts who know how to handling these cases and who have extensive knowledge about worker compensation loans.
- You simply call us at 888-327-7102or fill out an on-line application directly here!
- We only need basic information to start: you full name, contact information and your attorney’s full name and contact information.
- We contact your law office and manage all the paperwork to complete the process
- Our underwriters will then review your case and if you are approved, you will receive a contract.
- Once we have the completed contract properly signed off by you and your attorney, it’s done!
- Payment methods include: direct deposit, money gram, overnight check, and western union
For fastest service on Getting Loans on Workers Comp and Worker Compensation Advance, please call us today or apply on line!
We are experienced professionals who genuinely care about the needs of those injured. We are here to support you in any way possible! If you need financial assistance now, contact us today and someone will be here to answer all your questions right away.