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Injured on the Job: How to Make Sure Your Family is Taken Care of Financially

Being injured on the job can result in a loss of wages. Your employer may have benefits that can help you out while you’re recovering from your injury. Here are some of the ways that you can ensure that your family is taken care of financially if you’re unable work.

Apply for Workers’ Comp

Most businesses are required to have workers’ compensation insurance. There are certain exceptions to this rule depending on the size of the business and the number of employees. Visit a workers comp attorney so that you can get the information that you need in regards to your potential claim. They’ll be able to walk you through the steps so that you can continue to support your family.

Look into Disability Insurance

You may be able to qualify for disability insurance if you’re going to be out of work for an extended period of time. Some companies will offer this option as a part of their benefits plan. There are even supplemental plans that you can purchase in the event that you’re unable to return to work following an injury.

Use Vacation Time Wisely

In some instances, you might have accrued vacation time that you can use to cover the time lost at work. If your company has a separate sick and vacation time policy, make sure to use all of your sick time first. If you still need additional time, tap into your vacation reserves. You may be able to use a portion of your vacation time to cover the gap in workers’ comp benefits.

Savings Can Fill the Gaps

Having a savings account can make the difference between being able to pay your bills. It’s considered a good idea to have six months of salary saved up in the event that you lose your job or are unable to work. This strategy only works if you were proactive before the injury occurred. You may also be to request a settlement from your employer if the injury was due to negligence on their part.

Take the appropriate steps today so that your family can be protected in the event that something happens to you. It may impact you financially now to apply for additional insurance and other things to cover expenses in case you suffer from an injury. This is a small price to pay so that you can make sure that your family is financially secure even if you’re unable to work for a time.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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