What is Workers’ Compensation Insurance?Workers’ Compensation Insurance provides wage replacement and medical benefits to employees injured in the course of employment. In return, the employee relinquishes the right to sue their employer for the tort of the negligence. If you have a work-related injury or illness, your employer is required by law to pay for workers’ compensation benefits. In order to receive benefits the injury would have had to happen from one event at work or from repeated exposures at work.
Proving a workers’ compensation claim can often become difficult but most cases are settled without a courtroom trial. If you or someone you know is involved in a workers’ compensation lawsuit and you need money now to pay bills, put food on the table or pay rent, fill out our quick application and a Thrivest Specialist will get back to you as soon as possible.
About Workers’ Compensation Insurance?In the United States, state and federal workers’ compensation laws cover over 135 million employees in 2015. Total wages paid to those workers in that same year was $7.2 trillion. There are however several common exemptions from coverage including domestic services, agricultural employees, small employers, causal laborers and nonprofit, charitable and religious institutions. Worth mentioning are the two groups outside of workers’ compensation laws:
- Railroad Employees engaged in interstate commerce, regulated by FELA
- Seamen in the United States Merchant Marine, regulated by the Jones Act
Benefits of Workers’ CompensationWorkers’ Compensation pays 100″ of medical costs for injured workers as well as cash benefits for time lost after a 3-7 day waiting period. Also included in the program are death and funeral benefits to the workers’ survivors. According to the Social Security Administration, roughly 75% of workers’ compensation cases involve only medical benefits. The remaining 25% of cases involve cash wage replacement benefits categorized according to the duration and severity of the disability:
- Temporary Total Disability- worker is temporarily precluded from performing the pre-injury job
- Temporary Partial Disability – worker returns to work before they reach maximum medical improvement and have reduced responsibilities and a lower salary
- Permanent Total Disability – worker has significant impairments that are judged to be permanent
- Permanent Partial Disability – worker has permanent impairments that do not completely limit their ability to work
About Workers’ Compensation Lawsuit Funding
Workers’ Compensation Pre-settlement Funding?Thrivest Legal Funding, LLC understands that life doesn’t slow down when you’re involved in a lawsuit. Day-to-day living expenses still need to be met without the worry of “how” or “where.” When you need money, we’ll make our best effort to provide you with financial options to ensure you receive the optimal result for your workers’ compensation lawsuit without having to settle for less because of financial pressure. Is legal funding right for you? Before you make a decision, download our Legal Funding Guide and utilize our Legal Funding Calculator.
Thrivest Legal FundingThe legal funding application and underwriting process is quite simple but the speed is entirely dependent on the availability of your attorney. First, you simply fill out our quick form or our full application.
From here, a Thrivest Legal Funding Specialist will reach out to your attorney and gather any necessary paperwork related to your case.
Third, after the paperwork is gathered the file will be analyzed by our underwriting department and if approved Thrivest will create a contract that must be signed by both the plaintiff and attorney. And finally, once the signed contract is returned, Thrivest can send the pre-settlement advance via check, debit card, or wire.
Legal Funding BenefitsThe financial strain that comes along with a Workers’ Compensation lawsuits often times forces a plaintiff to settle for much less than the case is worth. Thrivest alleviates that strain by providing quick, easy and affordable access to non-recourse funding for everyday living expenses. Unlike may competitors, funding decisions take hours, not days. And, you can use the money however you choose.
- If you lose, you don’t owe anything
- No invasive credit check
- Faster than a typical bank loan
- Simple streamlined administrative process
- No monthly payments
- No affect on credit score
- Competitive rates
- No risk