How to improve your finances while off work

This is a guest post from John Michael, a third party personal financial advisor for consumers interested in investments and securities.  

For many people, being off work for any length of time is a disastrous proposition.  How will the bills get paid?  How will groceries be purchased? Even if you have a modest emergency fund, being off work for a length of time will quickly deplete it.  It’s not a subject that is often discussed, but workplace injuries account occurs to 1 in every 68 workers in Canada, 3.5 for every 100 private industry workers in the United States, and 1.2 million people annually in Great Britain, making it one of the most common reasons for being off work.

Photo Credit: Photon_de via Flickr

Unfortunately, even if you are injured at work, you may not receive your full pay.  Some employers only pay statutory sick pay.  Others may pay you a percentage based on your salary.  However, even these plans are usually capped at a maximum amount, preventing you from earning your full salary while injured.  If you are the sole income earner or if your family’s finances is heavily dependent on your pay, this can have far reaching, negative effects.

In the event that you become injured at work through no fault of your own, it may be in your best interests to legally seek out compensation. If you are unsure if your injury warrants a compensation claim or if you just don’t know where to start, you can always begin with some research online. It’s important to remember that for a successful claim, you need to show that your health has suffered as a result of the party you are accusing and that the party has the means to compensate you.

Winning your compensation claim can help pay for things like bills and rent while you are injured and unable to work.  But in order to be successful, you will probably want to retain legal assistance.  Of course, hiring a lawyer carries risk – if you lose your claim, will you end up in an even worse financial situation?  In most cases, you do not have to be worried about the financial impact of unsuccessful claims.  By making a no win no fee claim, you have nothing to lose.  A solicitor who operates on the basis of “no win no fee” does not charge their clients anything in the event they lose their case.

So if you are injured at work, instead of stressing out over unpaid bills and reduced pay, consider filing a compensation claim.  With research and proper representation, it will not cost you any more of your family’s valuable finances and may put you in a better financial position for the future.

Posted in: Career and Work, Money

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3 Comments

  1. John, this is one of those situations I hope that I never find myself in. I’m dreading the day that I get hurt either on the job or are unable to work. I’ve done my best to plan for the unexpected, but having a situation that I’m out of work for a period of time with a reduced income, is very unsettling for me. It’s good to know that there is an ability to submit a compensation claim to recover the lost income. How much do these agencies you mentioned in your post cost to help with the claim?

  2. I’m so lucky to have sweet benefits at work!

  3. I hope I’m never in the spot where I have to file a compensation claim.

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