Home Business Insights & Advice Had a serious accident? Here’s how to alleviate financial pressure

Had a serious accident? Here’s how to alleviate financial pressure

by Sarah Dunsby
13th Dec 22 4:04 pm

If you or one of your loved ones have been left out of work after a serious accident, managing money can get tough quickly. In order to give yourself a springboard, you’ll need to get your finances organised as soon as possible.

Aside from securing Statutory Sick Pay from your employer, there are a few more things you should know about. We’ve outlined some general pointers in the following guide – but if you need specialist financial advice, don’t delay in contacting an accountant.

After the accident

Accidents happen and recovering from the initial shock can be difficult. According to recent figures from the Health and Safety Executive, at least 565,000 workers are seriously injured every year.

While no two accidents are the same, there are several circumstances that frequently cause injuries. HSE also found that just over a quarter of non-fatal accidents from 2021-2022 were caused by falls from a height, while almost a fifth were caused by individuals being struck by a moving vehicle.

Regardless of the scenario that led to the accident, it’s important to seek immediate therapy or rehabilitation. Accidents are unsettling, especially when you’re left with a serious injury. To help support your finances in your long-term recovery, it’s important to know what you’re entitled to.

Can I get sick pay from my employer

If you’re too unwell to work, you could receive £99.35 in Statutory Sick Pay.

This would be paid by your employer for up to 28 weeks, if needed. You can’t get any less than the statutory amount, but you could get more if your company or employer offers a sick pay scheme.

Always check your contract or talk to your line manager if you’re unsure.

Am I entitled to any more financial support

Beyond the benefits offered by your employer, you might be able to access further financial help. For example, in the case of complex, life-changing injuries to you or a family member, you should seek further action if another party was involved.

For example, undertaking research on legal involvement following permanent disability or brain injury claims could lead you to new sources of financial aid. Making a personal injury claim can be a long and complicated process, but you deserve all the support you need.

Looking ahead, you should also consider the costs of future rehabilitation treatment too. If you know any local charities offering injury-specific funding, get in touch or ask a friend to reach out on your behalf.

Final thoughts…

Serious accidents can have a serious impact on almost every aspect of daily life.

In order to give yourself the best possible chances of recovery and future fiscal stability, it’s important to secure the money you’d otherwise be earning.

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