What is Workers Compensation Funding - Workmans Comp Loan?
Workers Compensation Funding is actually a cash advance against your pending workers compensation settlement. This is a non-recourse workers comp loan which you pay back only when you win or settle your workmans comp case. If you lose your case or claim you need not to pay back to funding company. It is also called as workmen comp loan and workmens comp settlement funding.
What is Workers compensation or Workmans comp?
In our country, Workers compensation, Workmen Comp or Workmans comp is a state-mandated insurance program that provides compensation to employees who suffer job-related injuries and illnesses. Federal government administers a workers comp program for federal and certain other types of employees.
Each state has its own workers compensation or workmans comp laws to handle claims from employees who are injured on the job. While most injured workers recover quickly, those more seriously injured may have difficulty with their employer or with the workers compensation system. Those may need help of an expert workers comp. attorney to file a lawsuit.
Facts about Workmens Compensation Settlement :
The bitter truth about workmens compensation settlement or claim is that, even if you win your settlement, you may lose because the money comes too late. But workman compensation funding or workmens compensation loans give you the breathing time to wait for a fair settlement.
In Which States Workers Compensation Funding is Not Available?
Most workers compensation loans funding companies will not fund a Workmans comp settlement, claim or lawsuit if the state statute concerning direction of payments requires the claim to be paid directly to the claimant and not first to the trust account of claimant attorney. These states are: AR, AK, CA, CO, DC, HI, KS, KY, MA, MD, MN, NC, NJ, NV, NY, OR, PA, TX, UT,VA and WI.
In Which States Workers Compensation Funding is Available?
A reputed workers compensation claims funding will provide cash advance in following states:
AL, AR, AZ, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, LA, ME, MS, MO, MT, NE, NH, NM, ND, OK, RI, SC, SD, TN, VT, WA and WV.
But Third Party Liability lawsuits are funded by lawsuit funding companies in every state except in N. Carolina.
What is Third Party Liability Lawsuit?
When an employee is injured in the course and scope of employment as a result of a negligent third party, the employee has the right to pursue a claim or lawsuit against the third party in addition to pursuing a workers compensation claim. For example, a postal worker bitten by vicious dog of a customer, a work place injury caused by a faulty machine supplied by a vendor.
If you are involved in a Third Party Liability lawsuit you can get a non-recourse lawsuit cash advance. It is called lawsuit funding or often referred as lawsuit loan, litigation financing, pending lawsuit loan, lawsuit advance funding and personal injury lawsuit funding.
Bitter Reality of Workers Compensation Settlement Claim:
It is a bitter reality of workmens compensation settlement claim. You may have a strong workmen comp case and a great attorney representing your case, but the insurance companies can afford to wait. But you cannot, you need money now. Without a workers compensation funding or workmen comp loan, you may have no choice except to settle your claim for whatever you can get.
Advantages of Workmen Comp Funding or Workman Comp Loans:
But with workmen comp funding or workman comp loans, you also get the advantage of some deep pockets yourself. A solid workmen comp funding company is always backed by vast institutional funds. So you will not have to accept too little too early from the insurance company that provides your workers compensation coverage. It is not just the money you get when you receive workers compensation funding. But a workmans comp loan in time helps to take away emotional stress of you and your family.
Nugget of Wisdom:
There is no reason to settle for less than your workers comp claim or third party liability lawsuit is worth. Eliminate the need to accept a minimal settlement amount due to personal financial pressures, and get the fair and just settlement you deserve. Workers compensation funding or Workmans comp loan, from solid workmen comp funding company empowers plaintiffs to pursue their Workmens compensation claim or third party liability lawsuit cases in order to get the maximum settlements they deserve.