This contributed post is for informational purposes only. Please consult a business, financial and legal professional before making any decisions. We may earn money or products from the affiliate links in this post.
If you have been involved in an accident, not only will you have the stress of your injuries, but you may also be worried about your future financially. After all, an accident can mean loss of income for a lot of people, either because they are self-employed or their business does not provide sick pay. Some companies will only pay an individual their full wages for a set amount of time, say three months, after which this amount may be halved, and then sick pay may be stopped altogether.
With this in mind, it is important to be aware of the steps you need to take to protect your livelihood if you have been involved in an accident. So, let’s take a look.
5 Things To Consider To Protect Your Livelihood After An Accident
Report the incident
It is important to report the incident, so that there is an official record of what has happened. This will help you when it comes to claiming compensation or agreeing sick pay with your employer. How you report the incident depends on the type of accident you have been involved in. If you have been injured while at work, all employers need to have an accident book whereby all incidents are recorded for employee safety, so inform your employer about what happened.
For road traffic accidents and crimes, you will need to get in touch with the police. If you have been injured because of a faulty product or while in the care of a company, i.e. while using public transport, please report the accident to the business in question.
Watch your mouth
Be careful about what you say after an accident. It is easy to get carried away in the heat of the moment, but you could end up saying something that puts the blame on your shoulders. This could result in you having a compensation claim filed against you from anyone else that was injured in the incident. This is the last thing you need on top of everything else.
Find out whether you have the basis for a compensation claim
One of the most important things you need to do is get in touch with professional attorneys at law to find out whether you have the basis for a claim. Most compensation claims come down to three key factors. The first and most important factor is: who is to blame for the accident? Establishing responsibility is of paramount importance. You need to show that someone else is responsible for what happened to you. You certainly won’t be able to claim if you were completely at fault. If you had some responsibility, you may be able to launch a claim, but the amount you receive will be a lot lower to reflect your involvement.
Secondly, when did the accident happen? There is a time limit for most cases. This tends to be three years, but it does depend on the circumstances. Simply claim as soon as possible to avoid any issues in this regard. Finally, have you sought professional medical attention? It is vital to see a doctor, even if your injuries are minor. Your doctor will devise a medical report, which will state your injuries and the recommended course of treatment. This is a necessary piece of evidence in any claim.
Look for alternative ways to make money
If you are going to be out of action for quite some time now, you need to start thinking about alternative ways you can make money. Let’s say you have shattered your ankle while working on a building site, you certainly can’t do your job for the next six months or so, but this does not mean that you can’t make money. There are plenty of options for you in this regard. For example, you could look for a temporary office job. If you are going to be resigned to your home for the next few months or even years, look for different ways to make money from the comfort of your house.
Nowadays, working from home is easier than it ever has been. There are plenty of options available to you. If you are experienced in writing, admin, or design work, you will find plenty of freelance jobs available online today. If not, think about different ways you can use your talents. For example, could you make crafts and sell them online? You can also make money these days by taking online surveys and such like.
Check your insurance policies
It is also important to check your insurance policies to see if you are entitled to a payout. It could be that your medical bills are covered by your insurance policy, or maybe you have a degree of income protection? Check your policies now to find out if you are entitled to any benefits. This can make a massive difference, easing the financial pressure you are under.
Make a plan
Last but not least, you need to make a plan. This involves getting to grips with all of the outgoings you have on a monthly basis. This will help you to determine how much money you are going to need to get by every month. It is a good idea to see if you can reduce any of your expenses. For example, you could cancel some of your subscriptions or call your energy supplier to see if you can go onto a cheaper tariff.
If you follow the advice that has been mentioned above, you will give yourself the best chance of protecting yourself financially after an accident. This can be a very stressful period in anyone’s life, but the best thing you can do is try to remain calm and tackle the issue head on. Worrying about things is not going to help anyone, especially when you are trying to recover from what has happened.