If you have been injured in a construction accident, there are a couple of potential ways to obtain compensation: through a worker’s compensation claim or a personal injury claim. Either method involves a legal process that takes some time to work through.
The unfortunate thing about seeking compensation for injuries is that your bills and other expenses cannot be put on hold while you wait for your settlement. Construction accident pre-settlement funding can help bridge the financial gap between when you were injured and when you receive your settlement. Silver Dollar Financial can tell you how.
Obtaining Compensation After a Construction Accident
When it comes to obtaining compensation for a construction accident, whether you use the worker’s compensation process or the personal injury process depends on the facts of your case. If you were a worker who was injured in the workplace, generally you will seek benefits such as wage loss and medical expenses through a worker’s compensation claim.
If you were injured as the result of a construction accident caused by a third party, such as if your vehicle was struck by a piece of heavy equipment in a work zone or you are a worker who was injured while working as a result of a careless worker from a different contractor’s crew, you would seek compensation through the personal injury process.
According to a Cornell Law Faculty Publication, the vast majority of these cases are resolved outside the courtroom, with settlement being a very common form of resolution. Unfortunately, each of these processes can take quite some time to resolve, meaning you could be waiting a while for your money. Here is a look at some common causes of delay when negotiating a settlement after a construction accident.
Workers’ Compensation Delays
The purpose of worker’s compensation is to provide needed coverage of medical expenses and lost wages resulting from a workplace accident, regardless of who is at fault. However, as with personal injury claims, worker’s compensation claims are made to an insurance company, and insurance companies tend to be both busy and committed to avoiding hefty payouts that could cut into their bottom line.
Common pain points when attempting to resolve your worker’s compensation claim include:
- Being at the mercy of your health care provider’s schedule in order to complete various exams as requested by the worker’s compensation insurance provider
- Undergoing the appeals process after a claim denial or to dispute award amounts
- Waiting for your attorney to negotiate a lump-sum settlement on your behalf
Personal Injury Delays
Personal injury claims also involve negotiating with an at-fault party’s insurance provider in order to obtain compensation for the financial and emotional costs of your injury such as medical expenses, wage loss, lost earning capacity, and pain and suffering.
Some of the common delays encountered in the personal injury claims process include:
- Refusal by an insurance provider to offer a settlement that fairly compensates you for your injury
- Waiting for necessary documentation from your health care provider in order to prove the severity of your injury
How Pre-Settlement Funding Works
Pre-settlement funding, also known as a lawsuit advance, is a type of cash advance you can obtain while you are waiting for your case to settle. While most banks and credit bureaus will not provide loans based on the expectation of a settlement, Silver Dollar Financial will advance you the money with the expectation of repayment when you receive your settlement.
Who is Eligible for Construction Accident Pre-Settlement Funding?
In order to obtain pre-settlement funding while waiting for a settlement from a construction accident lawsuit, you must meet basic criteria that include:
- Your case must be represented by an attorney.
- You must have sustained damages in the accident for which you can obtain compensation.
- Your attorney must be in settlement negotiations with the at-fault party’s insurance provider, meaning there has already been some recognition of the at-fault party’s liability, indicating the expectation that a settlement is forthcoming
How to Apply for Construction Accident Pre-Settlement Funding
The application process for obtaining a pre-settlement loan is simple and includes the following steps:
- Apply online, providing very basic information about you and your case, along with the contact information for your attorney.
- We contact your attorney to obtain the documents necessary to help us in our determination.
- After we obtain the necessary information, we will make our approval decision.
- If your application is approved, your money will quickly be made available to you.
Because your money is a cash advance on an expected settlement, rather than a loan based on your income and ability to make payments, we do not require you to prove income or look at your credit score when we make our determination.
What Can the Money be Used for?
Bottom line: you can use your pre-settlement funding for whatever you wish. Use it to pay rent and utilities, or to honor other financial commitments such as child support or a vehicle loan. Use it to go back to school, or even save it for a rainy day. We will not require you to report what you are spending the money on or to provide receipts.
If You Need a Structured Settlement, We Can Help
There are many options available when it comes to settling a claim including lump-sum payments in which the claimant receives their entire compensation at once, as well as options where the claimant receives small portions of the settlement at regular intervals over time. Another type of pre-settlement funding Silver Dollar Financial can provide involves providing an applicant who is receiving their settlement in regular payments with a lump sum of cash, with the expectation that the amount is paid back through the settlement payments.
Trust Silver Dollar Financial for Your Pre-Settlement Funding
Construction accident cases can be overwhelming, and so can personal injury claims. Obtaining the money you need to face the expenses of life while you wait for your case to settle should have to be overwhelming. With Silver Dollar Financial, it isn’t.
Apply for your construction accident pre-settlement funding today.