How Does An Accident Advice Company Make Money?
Every accident advice company in the UK is for-profit. These are businesses set up to provide a no obligation advice service for personal injury victims who require insight into their rights to make a claim and the process for doing so. Here at Accident Advice Helpline, we operate a no obligation and free 24/7 Advice line on 0800 689 0500 or from your mobile on 0333 500 0993 which you can call to discuss your injury and the next steps toward making a claim. Alternatively you can find us here.
But how does an accident advice company make money?
To understand this, first you need to understand the role of an accident advice company.
The role of an accident advice company is to:
· Offer you advice on your eligibility to make a claim for compensation;
· Allocate your claim to a solicitor who specialises in your claim type;
· Provide an estimate of your potential payout, along with an estimate of time;
· Manage the claim process and reduce the burden of paperwork;
· Always keep you informed about the process.
Accident Advice Helpline is an accident management company and accident advice company which fulfils the above roles. It’s important to consider that an accident advice company is not:
· Able to guarantee an amount of compensation.
So with that in mind, how does an accident advice company make money?
Accident Advice Helpline is a law firm specialising in personal injury compensation. AAH has in-house solicitors with the exception of Scottish cases, where we work in partnership with only the most reputable external solicitors in Scotland.
Therefore, the main way that Accident Advice Helpline makes money is through solicitor’s fees which are recouped from the amount of compensation awarded to the claimant. These legal fees will be determined by the amount of processing time required due to the complexity of each individual case. In all claim cases, the claimant will keep a large proportion of the compensation awarded, but a percentage will be taken off to cover solicitor’s fees.
Any claims management company working in the personal injury sector must be authorised by the Claims Management Regulator (CMR). There was a referral fees ban from the 1st April 2013 on paying or receiving referral fees in personal injury cases, which affected a large number of accident advice companies however a claims management company can carry out other work for a solicitor for a fee. AAH has in-house solicitors, and we make money by taking on personal injury claims that we feel we can win for the claimant.