Wednesday, December 21, 2016
Stop That Injury From Causing Serious Hurt To Your Finances
It can happen to anyone, anywhere, at any time. In the workplace, on the road, and in your own home, there are health risks. Falling prey to them isn’t always just a matter of physical pain and injury. Sometimes it can be downright debilitating for your finances, too. If you lose the ability, whether temporarily or permanently, to work, what are you going to do about money? The truth is that the more you prepare for that potential beforehand, the better your chances. It can be a stressful time, but hopefully these options can help alleviate that for you.
Get yourself insured
If you haven’t yet suffered an injury and you still have the ability to contribute to your preparations financially, then insurance is one of those preparations you need to start laying the groundwork for. Most people are already well aware of how health insurance can help them cope with the costs of recovering from an accident. But there’s further insurance you can take out to keep you economically sustained while you’re out of work. We’re talking about options like accident insurance, which are built specifically for the possibility you’re taken out of work by an injury. Income protection insurance is a broader and often more expensive option that can cover more than just accidents, as well.
If your injury or illness was caused by someone else then, by all means, you certainly shouldn’t have to be the one paying for it. In the heat of the moment, you have to take the time to prioritize. No-one likes having to bring up a liability case against someone else. But the truth is that people need to take responsibility that their actions or negligence have on the lives of other. From car accidents and accident in business premises to assault and general harmful behavior, you could be liable for compensation. It’s all about acting quick and getting the qualified help, like the Rothenberg Law Firm LLP you need to press a claim. Legal advisors should be amongst the first calls you make after an accident so they can help you protect your right to claim.
What your boss can do for you
Take a closer look at the benefits your boss has offered you. Most employers are obligated to contribute workers’ comp if an injury or illness is caused by the job. But some will go a little further and offer to help cover you even if it happens outside of the workplace. One of the most overlooked benefits an employer can offer is disability insurance, but there are still plenty who do. Check whether or not your paychecks include an ‘LTD’ code with deductions from your pay. This means you have long-term disability insurance, so see how much coverage you’re liable to get. Usually, it’s around 60% of your standard pay, certainly not money to be unaware of.
There’s more government assistance like social security that’s available for you to apply to. However, those options are never guaranteed, so it’s best to have a few others to help back you up.