Accidents can have an immediate detrimental effect on your physical well-being.
Whether you’ve slipped over a patch of black ice on the way out of the office, or you’ve dropped a heavy piece of equipment on your foot, the physical consequences are difficult to ignore. What might not be quite as obvious, at first, are the financial problems that can result from an accident of this kind.
But these problems, too, are worth considering.
Financial problems from personal injury
The Make It Right campaign, from the National Accident Helpline, surveyed more than a thousand accident victims and discovered that more than half (55%) had suffered a loss of income as a result of their experience. 42% reported that they had struggled financially following a workplace accident, and only 21% felt that they had sufficient help to deal with the ensuing problems.
It’s easy to see how financial hardship might result from a certain sort of accident. You might find yourself unable to work, or unable to work as effectively. This matters to self-employed people in particular, since their income tends to be directly tied to the results they’re able to bring about. If you’re a builder and you break your leg, for example, then your income is certain to suffer.
We might also consider the costs associated with being injured. You might have to pay for medical treatment. You’ll need to spend time travelling back and forth to the hospital. You might need to invest in mobility aids and modifications to the home, too.
What financial support services are available post-accident?
There are a number of post-accident support measures to consider.
The first is statutory sick pay, which is paid by your employer for up to twenty-eight weeks. This amounts to just under a hundred pounds per week. You’ll need to check whether you’re eligible, but this is easily done via the government’s website. There’s also Universal Credit, or the Personal Independence Payment, which will help with longer-term layoffs.
Of course, this is just the minimum that you can expect. Your employer might also choose to top up your support. Check your contract for the term ‘sick pay’, and check what’s on offer.
You might also make a claim against the party responsible for the accident, using a personal injury claim. Use an online claims calculator to see how much you could get back.
You can also insure your income against sudden losses, through something called Income Protection Insurance. In some cases, you might even be able to make a claim even if you don’t have a policy in place before the accident. But it’s worth being proactive if you want to get the most from a policy of this kind.
Accidents happen. But they don’t need to cause financial disaster. Explore your options, and make sure that you’re getting all of the support to which you’re entitled.