How to Protect Your Business Finances After Suffering an Injury

Wednesday, May 20, 2020, 6:00 AM | Leave Comment

It’s no secret that life can be unpredictable. One moment you’re physically active and healthy, and the next you’ve suffered an injury due to an accident or illness.

This sudden change may mean that you’re not able to operate your business for an extended period of time.

If you don’t think an accident can halt your professional progress, think again.

Before retirement, one in four 20-year-olds will have a long-term disability.

The average long-term disability claim is over 34 months.

Short-term disabilities that last for at least six months can also take a toll on your business.

These disabilities affect 5.6% of working Americans every year.

How to Protect Your Business Finances After Suffering an Injury

  • Hire a Lawyer

    You may also need to hire a personal injury attorney to recover settlement money for you if you take your case to court. If you live in or near the Houston area, find a local Houston personal injury attorney who can settle your case quickly and get you the most compensation for your injuries.

  • Social Security Disability

    Social Security Disability (SSDI) can reduce some of the financial strain, but it might not be enough to cover all your expenses. The average amount of SSDI benefit is $1,197 per month as of January 2018. It can take up to six months to receive a decision about your SSDI application, which means that you won’t get your money immediately. Keep in mind that applying for SSDI doesn’t guarantee you’ll receive it.

    If you’re not able to run your business because of a disability, here are some practical tips that assist you in easing the financial burden. Even if you’re not suffering from a disability right now, these suggestions can help you manage your finances for your future.

  • Establish a Strict Budget

    If you can help it, don’t take money from your emergency fund as soon as you realize you’re going to be out of work for a while. However, you may have some peace of mind knowing that the funds are there if you need them. Create a budget that allows you to purchase necessities only. The money should be used for insurance and mortgage/rent for your business. Of course, you’ll also need to use some of this money to feed your family, so include transportation and groceries in your budget as well. You can use an online budget assistant to help you stay on track and let you know when you’re at risk of overspending.

    It’s also important to remember that you can negotiate almost anything. Talk to your service provides such as your insurance company or garbage collector and ask for lower rates. If your providers aren’t willing to cut you a deal, let them know you’ll shop around.

    You may also generate personal and business income by selling valuable furniture items and clothing. There are several online consignment and thrift stores to help you sell your goods.

  • Visit Warehouses and Use Coupons

    You can’t remove groceries from your budget, but you can save money when you shop for food. Cut or download coupons so you can save on the food items your family needs. Or, you can download an app that gives you cash back each time you make a purchase at the grocery store. You can do the same for your business if you have team members who are still coming to the office every day.

    Warehouse stores can also offer significant savings when you need to get office supplies or equipment. You can also visit a warehouse to take advantage of items for your home. Most warehouses don’t take manufacturer’s coupons. However, you’ll likely get a great deal on bulk items. Keep in mind that warehouse brands are high-quality and are often cheaper than popular name brands. Check with your nearest warehouse to see if you can fill your prescriptions there as well — the price may be lower than nearby pharmacies.

  • Get Rid of Excess Expenses

    While you’re unable to work, pay attention to everything you’re spending your money on. You may be tempted to use your favorite streaming service to watch all your favorite shows while you’re recovering. However, this requires a monthly fee and is not a necessity so you may need to eliminate it from your budget. You may have to stop going out to eat for a while or buy coffee from the grocery store instead of going to your favorite coffee shop every day. Getting rid of these extra expenses can help you save more money than you might think.

Keeping these steps in mind and re-evaluating your budget often can help you keep your finances intact so you can focus on healing.

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