Reasons To Make A Claim For Compensation

Reasons To Make A Claim For Compensation

Reasons To Make A Claim For Compensation

Within the last ten years, the number of law firms offering no win no fee conditional fee agreements has increased dramatically. This has led to a similarly massive rise in the number of personal compensation claims being made. A no win no fee agreement simply means that if the law firm that is dealing with your claim is unsuccessful in obtaining a compensation payout, then you as the claimant will not be required to pay the resulting fees. The downside to conditional fee agreements, or CFAs, is that if the claims made are successful, then the resulting fees from these law firms are usually higher than normal.

Generally, the highest number of personal compensation claims are made due to injuries sustained either at work or in a public environment and are caused by negligence or the improper provision of safety measures by another party. This has resulted in large increases in the costs of public and personal insurance premiums in the developed countries of the world. These enormous increases have hit businesses in certain sectors hard; especially those that rely on their employees to manually handle equipment and products. In terms of the general public, most people are affected by the increase in the cost of vehicle insurance.

As we have seen, the by-product of these no win-no fee law firms is increased corporate and personal insurance premiums. Whereas there are a large number of people that genuinely claim to receive compensation for an injury sustained at work, and that injury has caused them pain, discomfort, disability or a period of inability to work; there are co-currently a large number of claimants that are only out to play the system. It is common, and almost understandable, to an extent, to want to get as much compensation as you can from your claim; though when that means having to exaggerate injuries, and falsely stating resulting circumstances then not only is this going to cause ethical conflicts, but it also has an indirect effect on your future insurance premium costs.

By far the most common causes of personal injury compensation claims are from road traffic accidents. By law, every vehicle that is driven on public roads must have valid 3rd party insurance. What this means is that if an accident occurs, the person who is attributed blame and is ultimately the cause of the accident must cover the costs of repair and compensation through their insurance cover. As the process for claiming personal injury compensation is so simple, it almost encourages people to exaggerate injuries to increase compensation payouts, though that is not to say that some people do not deserve large payouts from their injuries.

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