When difficult economic times take hold of a country, many businesses take a nose dive. However, this isn’t necessarily true for the personal injury (PI) industry. There are many factors that can contribute to a rise in Personal Injury claims and not all of these are down to the alleged ‘compensation culture,’ which has been stigmatised in the media.
Financial Difficulties
Injuries are expensive, in time off work and a variety of other variables.
During tough economic times, people can’t afford these salary-leeches. Whereas people may otherwise dismiss a minor injury, now there’s a trend towards claiming compensation. Why? Because these people are struggling financially and personal finances are a concern.
If someone on a low salary has been in an accident that wasn’t their fault, and they are consequently lumped with missed pay cheques and high medical bills, where is the justice in seeing them and their family slide into massive amounts of debt? The answer is ‘nowhere,’ by the way.
Poor Quality Workers
Also, another driving factor of Personal Injury is hiring cheap workers, who’re more likely (in some cases) to produce substandard work. Lower-end contractors can make below-par repairs and vastly increase the likelihood that you will be injured by their shoddy work.
Whether the site is poorly managed or the project is questionably constructed, it’s often true that you get what you pay for. In a slow economy, the problem is that people can’t afford the best, so they resort to low-skilled contractors. The costs of the subsequent personal injury can far outweigh the costs of hiring a skilled worker in the first place, but that doesn’t mean individuals should lose out.
Scaling Back Of Business Resources
Conversely, the business sphere has also been hit hard by the slow economy and companies are cutting-back to stay alive. This means available training and spending has been excessively limited and health and safety can be affected by less staff and poor quality equipment. Scaling back in business is likely to cause greater incidences of personal injury in the workplace, as you can probably imagine.
Because the workforce has been reduced, to stay lean, it means many employees are taking on heavy workloads that can lead to occupational stress and injury.
Read the full article via The Correlation between a Slow Economy & Your PI Claim Value | The Economic Voice.
