It’s hard to create a sustainable business, and when you add in a global pandemic and rising costs, it’s no surprise that businesses are closing their doors for good every single day. Not only can a company closure affect your employment, but many people wonder what will happen to their workers’ compensation claim or current payment structure if the company they were injured at ends up closing. Below, we explain what will happen to your injury claim if your company shuts down.
Company Closures And My Work Comp Claim
Let’s start by taking a look at what will likely happen if you are currently collecting workers’ compensation when your company closes down. While you may have some uncertainty about your future job outlook, you can take solace in knowing that the company closure should not affect your injury claim. The injury has already been recorded during a time when the business was open and paying for workers’ compensation insurance, therefore your injury is now a matter between yourself and the insurance company. The closure of the company you work for should have no impact on your ability to continue collecting workers’ compensation based on your current agreement.
It may also be helpful to lean on a Qualified Rehabilitation Consultant at this time, as this is another benefit offered to injured workers to help them find gainful employment. An insurance company would be happy to have you work with a QRC if it means that you can find gainful employment within your capabilities, as this will decrease or eliminate their requirement to continue paying your injury compensation. It can be a win-win for both parties, so lean on QRC services if you are injured and your company ends up closing down.
But what happens if your company closed down before your injury claim was approved by the workers’ compensation insurance provider? Again, the closure of your company should not impact the legitimacy of your claim. With that said, if your company closes and the insurance company has trouble getting information or paperwork from the company, it could slow down the claims process. You may have to do a little more work on your own to get a company representative to follow through with your claim, but at the end of the day, it should not affect the legitimacy of your injury claim.
In either instance, it’s oftentimes extremely helpful to have an injury lawyer by your side to help with the process. You’ll likely have other priorities to focus on if your company closes, so let a professional handle the compensation aspects while you focus on your employment situation. We can also light a fuse under different parties and get the ball rolling with your claim if either side are dragging their feet due to the company closure or other reasons.
For more information on the steps you should take if you’re collecting workers’ compensation and your company closes, or to talk to an experienced team of professionals who can help sort out your injury claim, reach out to Dean Margolis and the team at Margolis Law Firm today at (952) 230-2700.