Workers Compensation Funding is actually cash advance against your pending workers compensation settlement, claim or lawsuit. These are non recourse workers comp loans which you pay back only when you win or settle your workmans comp case, claim or lawsuit. If you lose your case or claim you need not to pay back to workers compensation loan funding company. It is also called as workmen comp loans, and workmens comp settlement loans.
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.
The bitter truth about workmens compensation settlement or claim is that, even if you win your claim or 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 workers compensation settlement or claim. 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.
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, DC, HI, KS, KY, MA, MD, MN, NC, NJ, NV, NY, OR, PA, TX, UT,VA, WA, WI. But Third Party Liability lawsuits are funded by lawsuit funding companies in every state except in Ohio.
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 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.
When you get workers compensation funding or workers comp loan you are not taking any risk. These are non-recourse loans, which you pay back only if you win your workers compensation case or workers comp claim.
It is a bitter reality of workmens compensation settlement claim or lawsuit. You may have a strong workmen comp case or lawsuit and a great attorney representing your case, but the insurance companies can afford to wait. But you can not, 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.
But with workmen comp funding or workman comp loans, you also get the advantage of some deep pockets yourself if you get your workers compensation funding or workmen comp loan from a good and solid lawsuit funding company. 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.
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.