What is Workers' Comp
When someone owns a business, they have the responsibility to make that business safe for employees and customers. Business owners must keep their location up to code, following all local, state, and federal laws, but mistakes can still happen.
If someone is injured at a business and the company is found at fault, they are responsible to pay for the medical bills and other costs that came because of the accident. These bills can get expensive which is why most businesses take out insurance to help cover customer accidents.
For their employees, the situation is a little different. While the requirements can change depending on where you work, every state requires that most businesses take out a special insurance, known as workers' compensation or workmans' comp, to pay for employee accidents.
Workers' comp is a state-mandated insurance program. Employers pay into it, but the state decides what they cover, who is covered, and how much you receive.
While these plans are different from traditional insurance in a few key ways, they are still a form of insurance. If you were injured in an accident at work, you can file a claim with the insurance company. Getting money from your Workers' compensation can take time. If you have bills you need to take care of, you might not be able to afford to wait. Pre-settlement funding could be the solution you’re looking for.
What Can Workers' Comp Cover
If you’re injured while working, workers' compensation may cover your medical bills such as your hospital visit and medication. In some situations, the insurance will also cover a portion of your recovery costs if you need physical therapy. Some plans even offer to pay disability, giving you a portion of the wages you couldn’t earn while you recovered.
Get Pre-Settlement Funding for your Workers' Compensation Claim
If you’re waiting on your money from a workers' compensation claim, finding the cash to cover your bills can be difficult. While workers' compensation may cover your medical bills, you still have to pay for rent, food, and other expenses. If your injury took you out of work, this means spending your savings, charging things to a credit card, or finding someone willing to let you borrow money.
At Peachtree Financial, we help connect you with pre-settlement funding companies who may be able to offer you a cash advance. If your claim qualifies, the company offers to buy a portion of what you’re expected to receive in the future in exchange for cash you can spend before your claim is settled.
Pre-settlement funding is only available for workers' compensation in certain areas due to state and local legislation. To determine if you qualify, please contact a Peachtree Financial representative.
Worker’s compensation helps employees while they recover from job-related accidents. Pre-settlement funding can help you pay your bills until you’re ready to get back to work.
NOTE: Pre-Settlement funding for workers' compensation is not available in all areas. Peachtree Financial does not offer legal, tax, or financial advice. Please contact independent professionals for those services.