If you have an active workers’ compensation claim, you may be wondering if it’s in your best interest to settle it. Whether or not this makes sense depends on some factors such as the facts of your case, the kind of injury you sustained, the disability amount, and the permanency of your disability. A workers’ comp settlement is beneficial if everything is right. However, you should discuss your case with a skilled workers’ comp attorney, so you can make an informed decision. You can read more about this below.
You must not try to settle your compensation claim on your since you may not know how settlements are negotiated. Also, you may not have an idea of your claim’s true value and other possibilities. A great attorney can guide you through the settlement process, so you can get positive results.
How Workers’ Comp Settlement Works
If you are currently receiving workers’ comp benefits, you may be able to settle your case. You can also settle a case that stems from an occupational injury for a lump sum amount. When you decide on the type of settlement to think about, consider whether your claim is disputed or denied, what rights you can waive in the settlement agreement, and how payments are made.
Determining the Settlement Amount
Your attorney will ensure you understand how to calculate a workers’ comp settlement. A lot of factors are considered in calculating a settlement. Before you agree to anything, you need to understand all issues in the settlement. The more serious your workplace injury is the bigger amount you can expect. Other factors to consider include whether you need ongoing and future treatment, disputes on future medical treatment, and how much you make before the injury. Often, worker’s comp settlements cover expenses such as attorney’s fees, medical bills, disability payments, future medical treatment, surgery, and lost wages.
Each case is different. So, your settlement will be unique to your specific case and circumstances. However, you can depend on the expertise and knowledge of your lawyer. They know how much a claim like yours may be worth and can negotiate for you, ensuring you secure a fair and maximum settlement.
Your settlement can end with a structured payment plan or a lump sum amount. But if your employer refuses to settle or is not willing to negotiate, your case can go to trial. Usually, this is called a workers’ compensation hearing.