Did you know that in 2018 there were over 900,000 workforce injury and illness cases in the USA?
These injuries and illnesses ranged from those with short term effects, where a worker was back to work within a few days to those where the worker suffered long term injury and could not return to work.
If you are amongst this number and have suffered an injury, what do you need to know about workers’ comp settlements? What can you do to increase your chance of winning your case?
Why not read our in-depth article to find out more.
1. Get it Done
One of the major benefits of taking a cash settlement is the time it will save you.
Once you have agreed on the amount of compensation, you can agree on the collection method. You will not have to wait in a queue to go to trial and follow a lengthy legal process.
While a settlement may leave you with a smaller amount than a trial, a settlement can save you years. During these years you may well have lost your savings as you meet the cost of medical bills yourself.
2. It May Affect Your Right to Further Compensation
You should be aware that accepting a settlement now may prevent you from applying for further compensation in the future.
Consider that you suffer an injury at work and accept a cash settlement. However, in the following years, you notice that the injury is getting worse, not better, despite medical treatment. The costs of pain management and rehabilitation become higher than you first expected.
You should be very careful regarding the working of the settlement agreement. If signing it will preclude the possibility of you receiving further compensation in the future, you may wish to consider renegotiation.
3. Re-Negotiation Option
One positive side of settlements is the opportunity for renegotiation of certain terms after the main agreement has been reached.
After it has been agreed that compensation is due, your workers comp lawyer may be able to contact the opposing party and negotiate a more favorable financial package. This may be based on the terms of the payment. Some companies prefer a lump sum, others payment over a number of years.
By learning the preference of the company, you may be able to earn a small increase in the amount to be paid.
4. Negotiation Takes Patience
If you are to be successful in receiving an appropriate amount of compensation in the form of a settlement you may need patience. Insurance companies will offer you an initial amount of compensation that is far lower than you should receive.
They may then gradually increase this amount during each round of settlement offers. You will need keen negotiation skills to be able to hold out long enough to get the amount that you need.
Your Worker’s Comp Questions Answered and Much More
Worker’s comp issues can be difficult to resolve without legal representation. While a case may seem to be transparent, companies will often look to interpret legislation to minimize or remove their liability.
If you are interested in workers comp issues or other legal subjects, our blog may be of interest to you. We write about legal subjects that people encounter on a daily basis. Why not take a look to see how our research can help you today.