No one wants to think about the possibility of having an accident at some point in the future. However, if you work in an environment where people get injured occasionally or you have had a recent near miss, it can become clear how important it is to put that preparatory groundwork down. As such, here are a few ways you can safeguard yourself, financially, against an accident.
Build an emergency fund
One of the most prescient pieces of advice for any financial emergency is to make sure that you have some financial cushioning to avoid extra costs from affecting your budget. It’s all too easy to go into debt because a sudden cost leads to you not having enough to pay off existing debts or bills. To that end, you should try to build an emergency fund that, in the best-case scenario, can cover you for three months without any income and help you cover some big costs.
Get some legal help
If there is any indication that your accident might have been the fault of someone else, whether it’s your employer, the owner of the property that you were hurt on, or due to any faulty products that led up to it, then you shouldn’t have to pay. With the help of an injury attorney, you might be able to prove the fault in another party. This could see you having all of your medical costs covered and even some damages to help you recover from the trauma and make up for any of the income that you have lost as a result. Be ready and willing to ensure that responsibility is taken where it should be.
Insure your income
If you have a significant income that you’re not able to cover all of your costs without, then you should make sure that it’s protected. You might not be able to stop your employer from sending checks, but you could potentially invest in income protection insurance. This can protect you not only in times of temporarily losing your ability to work but even in longer-term cases of disability putting you out of work, as well. Of course, it comes with costs that you have to accommodate up until the payout, as well.
Mind your healthcare costs
If you need to have your healthcare needs met fast, as is often the case after an accident, it’s important to make sure that you don’t rush into any costly decisions. For instance, rather than rushing to the ER, it’s best to call them ahead of time to hear where you should first go, as going to any treatment center that’s over capacity can result in hefty charges. Similarly, can you get someone to transport you for free, rather than relying on costly ambulance services?
It’s truly unfortunate that so much time and energy have to go towards protecting your finances in the event of an accident or injury but it’s the unfortunate reality that if you don’t make that preparation, you could be putting yourself in an even more vulnerable position.
