Worker’s Compensation Settlement Funding from Cronus
You show up for work, day after day, and give it your all, giving your employer the best years of your life. Thank goodness Worker’s Compensation — worker’s comp for short — is there for you when you get hurt on the job! However, the process of being compensated is not as cut and dried as you might think. In some cases you may have to take your employer to court, and it can take months before you receive full compensation for your injuries.
Loans for Personal Injury Cases
Worker’s compensation programs are state-regulated, and the laws that govern them are enacted and enforced by each state. While the programs serve the same purpose — to ensure that employees injured on the job have monetary coverage for medical and other expenses that arise as a direct consequence of the injury — each state’s laws are unique.
In New York, workers compensation laws require employers to procure insurance from a Compensation Board-authorized insurance provider. The employer pays 100 percent of insurance fees; none are charged to the workers. Insurance premiums are based on potential liability, factoring in the type of industry, wages paid to workers and the track record of the individual business.
History of Worker’s Comp
In the United States, Wisconsin was the first state to establish a worker’s compensation program in 1911. However, the history of worker’s comp goes way back to ancient times, with the earliest record being a Sumerian law dating back to 2050 BC. Early compensation laws can also be found in the records of ancient China, Greece and Rome.
Ancient laws detailed injuries to specific areas of the body, and assigned a monetary sum as compensation for each. In addition, ancient laws distinguished between disability — the inability to execute certain tasks — and physical impairment, the loss or maiming of a body part. Modern agencies have borrowed from those distinctions, and used them to establish current compensation guidelines.
In more modern times, the Industrial Revolution of the 19th Century meant the construction of railroads, mills, mines and factories throughout Europe and the United States, often with few safety precautions in place. Employees worked for long hours in hazardous conditions, with little recourse for injury compensation until 1871, when Prussian Chancellor Otto von Bismarck established the Employer’s Liability Act.
The demand for workers’ accident insurance quickly escalated in the United States, fueled by Upton Sinclair’s novel, The Jungle, that decried the horrific condition of workers in Chicago’s slaughter houses. After Wisconsin passed the first US workers compensation law in 1911, other states quickly followed suit, with Mississippi bringing up the rear in 1948.
What Does Workers Comp Cover?
State agencies for workers compensation require employers to carry insurance to compensate full-time and part-time workers for medical expenses and lost wages resulting from injuries incurred on the job. Failure to comply can result in severe penalties.
Workers comp cases typically arise from:
- Equipment malfunction
- Back and joint injuries
- Broken bones
- Loss of vision or hearing
- Head injuries
- Respiratory problems
- Injuries from falls or blows
- Construction site injuries
- Work-related motor vehicle accidents
- Nursing home injuries
- Wrongful death
Amounts of compensation and injuries covered may vary, depending on the industry and the state where the injury occurred.
How Injured Workers Get Compensated
Contrary to what many people think, when you get injured on the job, you do not get an immediate payout from your employer. In most cases, you will have to hire an attorney, and they will have to negotiate with your employer’s insurance provider.
In some cases, your employer will deny responsibility, and try to blame you for your injuries. In rarer cases, the employer may be non-compliant with state laws governing workers comp, and have no insurance to cover injured workers’ claims.
If you are injured on the job, try to gather as much documentation as possible, including witness statements, photos, emergency treatment records, medical bills and any communications exchanged between you and your employer concerning the incident.
You will need a competent legal team skilled in negotiating workers comp settlements to fight for the highest settlement award possible. Settling your case can take months, or even years, to get the full settlement reward you deserve. Meanwhile, you can’t go back to work until you recover, and your bills begin to pile up.
Settlement Loans for Workers Compensation
Before you max out your credit cards and borrow money from relatives to make ends meet and take care of your family, consider a Worker’s Comp Settlement Loan from Cronus Capital Group. We provide you with financial help in the form of a cash advance against your worker’s compensation case.
Unlike conventional bank loans, you will never have to make monthly payments. You pay us nothing until your case settles, and you only pay back the money if you win your case. If you don’t win, you owe us nothing!
The application process is quick, easy and stress free!
- No credit check
- No upfront fees
- Lowest rates
- No repayment if you don’t win
- Cash advance within 24 hours of approval
- Risk free
Don’t go bankrupt trying to pay your bills while you’re injured and out of work. Contact one of our convenient locations in Queens or NYC, and let the friendly staff at Cronus guide you through the steps to apply for your worker’s comp loan. Let Cronus Capital Group of New York take the financial pressure off your shoulders, so you can heal and get back to work.