A workplace casualty is a fatal injury or death of an employee that takes place at work, or while performing work-related tasks.
According to statistics, it is almost twice as dangerous to work in New Zealand as it is in Australia and four times as dangerous as it is in the UK. The number of work-related injuries and casualties in New Zealand is on the rise and it costs the employees up to $3.5 billion per year. There were 22 deaths in the first three months of 2019, which is almost double compared to the 12 in the first three months of 2017.
Workplace casualties are devastating. In addition to dealing with the physical and mental stress of the accident, you also have to deal with a number of complicated legal procedures, all of which cost a lot of money.
These situations require you to take quick actions to deal with the medical and legal requirements. We have compiled 6 quick-fix financial strategies that you can use to deal with workplace casualties.
1. Employer’s Liability
The first thing to know is what your employer’s liability is towards you. If you face an injury at a workplace, it is the employer’s responsibility to respond to the emergency, call the ambulance, and pay for the emergency room bills. These costs are not included in the compensation insurance. For physical injuries that require immediate care, ensure that your organization is ready to bear the emergency treatment costs.
2. Workers’ Compensation
The workers’ compensation insurance is covered under the Accident Compensation Corporation (ACC). The workplace cover includes subsidised medical care for all work-related injuries, up to 80% of the salary recovery for the time off, and injury prevention schemes. If you have suffered an injury while at work, you can use this insurance to cover the medical costs and recovery period costs. The only thing you need to ensure is that you file a claim immediately when the accident is still fresh.
Also, when you file a claim, you are waiving your right to sue your employer. An employee must know of all their rights before they start working for an employer so that the procedure is straight forward and quick when the need arises.
3. No Credit Check Loans
Healthcare costs are on the rise. When you are going through an injury or recovery process, you may need extra money after all your insurance and claims are settled. Workers’ compensations may also take time to be released as the paperwork takes time. In such situations, you can apply for a no credit check loan, offered by some loan companies such as Sunshine Loans offers fast loans up to $2000, which proves to be a wise option. Without a background check on bad credit or strong credit history, acquiring loans is not easy if you don’t have the right carrier.
4. A Safety Net
Creating a safety net could be an essential step to protecting your wealth. several business owners hold a considerable amount of their assets occupied to their personal business. By doing it, they expose themselves to a focused risk in one company or trade. Any economic developments which will adversely impact that individual sector can even hurt their personal wealth.
The best way to build a robust safety net is asset diversification. Owners will considerably decrease the risk of their portfolio once an investment in an exceedingly broad and unrelated vary of assets, sectors, and regions.
5. Balancing out Personal & Financial Goals
The first and most vital step within the personal financial planning method is setting your short and long-run financial goals. In several cases, the business goals will interfere and clash over personal financial goals. Business goals to expand into a brand new market or purchase a brand new manufacturing plant will negatively interfere along with your personal goals like saving for retirement or school education for your youngsters. Placing the correct balance between your business and private goals could be a key to achieving them. Prioritizing one over the opposite might hurt your semipermanent monetary success.
6. Liquidity Management
Businesses need money to keep up healthy growth. Not astonishingly, the distinguished investor Warren Buffet prefers to speculate in firms generating vital cash flows. The capability to supply money from its operations can verify the company’s ability to pay its workers, creditors, and vendors. Building a disciplined system of managing assets and liabilities and maintaining a money buffer for emergencies are keys on