Workers’ compensation claims are often straightforward since employers have insurance policies for workplace injuries. However, these insurance companies can still take action to delay and deny claims. When you suffer an injury at work and are awaiting a settlement, you need financing options to get you by.
Financial assistance is possible through a New York workers’ compensation loan. High Rise Financial offers workers’ compensation plaintiffs financial assistance while they await settlements.
In This Article
- Basics of Pre-Settlement Funding
- Your Eligibility for Pre-Settlement Funding
- Workers’ Compensation and Settlement Loans
- Steps for New York Workers’ Compensation Loans
- Using Your New York Legal Funding
- New York Workers’ Compensation Numbers Are Shocking
- New York Workers’ Compensation Loans Are Available Now
Basics of Pre-Settlement Funding
For many workers’ compensation plaintiffs, this is the first time they are dealing with a legal claim, and they are unsure of their options. Legal funding institutions like High Rise Financial offer settlement loans so victims can have financial resources while they await their payments. Legal funding alleviates financial strain from medical bills, utility bills, and other daily expenses, working as a cash advance on your settlement.
When getting a settlement loan, the financing company will review your claim and injuries and speak to your workers’ compensation lawyer. Once assessing risks and case merits, we will establish a funding agreement.
No credit or employment checks are necessary for legal funding. You will assess interest, but your funding agreement will outline simple interest rates. There are no out-of-pocket costs or hidden fees, and you repay your loan from your settlement.
To apply for free, call (877) 735-0016
Your Eligibility for Pre-Settlement Funding
Qualifying for pre-settlement funding is easy. Injured workers with an attorney and open claim are pre-qualified for legal financing. Plaintiffs can take out a cash advance at any point during settlement, but your options will vary slightly.
Occupation is not a factor in eligibility. Workers’ compensation covers employees in all industries and occupations. Industries with many workers compensation claims are hospital employees, factory workers, construction workers, bus drivers, retail workers, nurses, security guards, warehouse employees, and others.
Common causes of workplace injuries include falling objects, workplace violence, falling from heights, trips and falls, machine and equipment malfunctions, and overextension. Injuries from workplace accidents range from minor to disabling. Some examples include crushed limbs, broken bones, knee injuries, herniated discs, lacerations, and traumatic brain injuries.
New York Workers' Compensation Loans Lawyer Near Me (877) 735-0016
Workers’ Compensation and Settlement Loans
Workers’ compensation intends to provide injured workers with money and benefits to help them after a workplace injury. Unfortunately, recovering payment takes time, and plaintiffs are left with few options.
While the process is straightforward, about 90% of workers’ compensation claims lead to extensive litigation. Some claims will take months, and others will last years. That means injury victims will have to wait years to get the money they deserve from an injury claim.
Insurance companies are successful when they save money. One way they do that is by offering injured workers less. They have incentives for taking longer to pay plaintiffs, leading to lengthy litigation and negotiation.
Plaintiffs cannot earn supplemental income, pay off bills, and often dip into savings and other accounts for basic living expenses. Financial anxiety and stress cause victims to make desperate financial decisions like getting into debt, taking out bank loans, and conforming to smaller settlements.
Steps for New York Workers’ Compensation Loans
When you need financial assistance during a workers compensation claim, you should apply for a New York workers’ compensation loan from High Rise Financial. Legal funding companies offer low, no-risk legal funding options. The process for securing a workers’ compensation pre-settlement loan is straightforward.
You Must Have a Lawyer
Step one is to hire a New York workers’ compensation lawyer, which you have likely already done. Attorney representation is a vital element for legal funding. The next step is finding a reputable legal funding company like High Rise Financial.
Some lawyers have preferred companies they recommend, but you can choose any reputable company you are comfortable with. Now that you have chosen a company, you must complete the application process. You will provide basic personal information and law firm details, and a representative will analyze the strength of your claim with your lawyer.
Then you will get a proposed funding agreement to review and sign if you want to move forward. That’s it – once you sign the agreement, you will get your workers’ compensation settlement loan. Some funding comes within 24 hours of submitting your signed funding agreement.
Complete a Free Application form now
Using Your New York Legal Funding
Workers compensation victims can use their funds on anything that helps alleviate their financial strain while they wait for a settlement. Some plaintiffs will use their funding loans for mortgages, rent, car payments, medical costs, utilities, etc.
Sometimes these funds run out since the case continues to experience delays. It is vital to work with your lawyer to determine your case’s future and see how long you should budget your New York workers’ compensation loan. If one loan is insufficient, you can apply for a second one.
Assess your current financial picture and what you will need for the foreseeable future while you await payment from the insurance company. High Rise Financial will offer a percentage of your settlement, so you will still recover a substantial amount once everyone is paid.
New York Workers’ Compensation Numbers Are Shocking
Yearly, private industry workers report 125,500 nonfatal workplace injuries in New York alone. That means thousands of open workers’ compensation claims are open at any time. Additionally, 70 million work hours were lost annually due to worker injuries across the country, which means one injury results in an average of eight days away from work.
Time off work will vary by injury, and many victims cannot return to work. Severe injuries lead to workers’ inability to return to work, even on light duty or with restrictions. In New York, the average cost of an injury is upwards of $44,000, varying by severity and other losses.
New York Workers’ Compensation Loans Are Available Now
Injured workers deserve payment for their injuries and damages from their employer to pay for lost wages, medical expenses, and other costs. A workers’ compensation loan in New York can alleviate the financial burden during the legal process. Contact High Rise Financial to get money while you continue fighting for your damages.
Call or text (877) 735-0016 or fill out our form to apply today for free.