You’re happy at work, have plenty of savings, and haven’t been in debt since you were at college. Things are good – but it could all be very different in just a moment. No matter how well off you are, if you are involved in an accident and suffer personal injury, it can bring you close to ruin. In this guide, we’re going to go through some of the financial implications of personal injury. Let’s take a closer look.
Medical bills
First of all, let’s start with the obvious. Medical bills can be enormous, depending on your injuries – and how you go them. And it all depends on what your health insurance package looks like.
When was the last time you checked your insurance? Do you know for sure if you are covered for accidents – and if so, by how much? Depending on the accident, you may not even qualify for a payout. Some insurers won’t let you claim if you are doing something dangerous, for example.
Make sure you know what your insurance plan covers, and either bump up your coverage to suit your lifestyle or take a lot more care. If you are relying on insurance payouts, not getting one is going to hurt a lot.
Time off work
Yes, you might get sick pay – but it won’t be anywhere near the amount of money you got from your job. According to The Dixon Injury Firm, you can expect that back in compensation if someone else is to blame. But, cases can take a long time to come through – especially if it is a complicated incident.
The truth is you could well be on your own for quite some time. And, if you have a stash of savings put away, you can almost guarantee you will eat all the way through them if you are off sick for a while.
If you have your own business, it can hit you even harder, of course. It’s essential that you have enough insurance cover in place so that you can, at least, guarantee some funds to keep you going.
Legal fees
Paying a good lawyer will often get you the maximum amount of compensation you deserve But, there are no guarantees. And, of course, not everyone can afford to pay upfront. Most people come up with a deal with the lawyer, who will get payment from your payout. The only trouble is, this will eat away at your final compensation package.
There are some ways around it, however. You could try and do as much as you can for your case by yourself, for example. You could gather all the evidence you need, which will save your lawyer time. The less work they have to do, the less they will charge you.
Finally, communication is also important when it comes to dealing with a lawyer. If you are unclear, or dishonest, it’s going to throw a spanner in the works. The more time they take preparing your case, the more they will charge you. So, always be open and honest – you will get your reward with a lower invoice.
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