What’s a Workers’ Comp Settlement?

What’s a Workers’ Comp Settlement? | Bloom Law Office, West New York

What’s a Workers’ Comp Settlement?

You have two choices when it comes to workers’ comp: Accept the workers’ comp claim offered by the insurance company or work with an attorney to pursue a different monetary settlement. The Law Offices of Jeffrey M. Bloom specializes in workers’ comp claims and “hurt-on-the-job” incidents, working with you to make sure you get a prompt and fair resolution.

Understanding Your Options

In most cases, if you’re a full-time employee your employer is required to have workers’ compensation policies in place for you and other qualified employees. When you’re hurt on the job, you can file a workers’ comp claim. Working with an attorney to file this claim can help make the process faster and smoother. Typical compensation from filing a workers’ comp claim includes coverage for ambulance transportation, hospital bills, part of your missed wages, and temporary total disability payments.

However, you do not have to accept this offer. Instead of accepting, you can try to negotiate for a bigger structured workers’ compensation settlement or pursue one lump sum settlement. In instances where an employee wants to pursue a bigger workers’ comp settlement, negotiations happen between the employee, their attorney, and the employer’s insurance company.

The employer has a very small role in these situations, and that’s how workers’ comp is designed. Still, most employers will have some communication between the parties and be in the know about negotiations. This helps them to avoid being included in a potential future workers’ compensation lawsuit.

When negotiating for a workers’ comp settlement, many factors are considered including costs of hospital bills, disability payments, the likelihood of future medical treatments, the likelihood of future lost wages, attorney fees, and specific state workers’ comp laws. When a figure is reached, the employee’s attorney negotiates with the insurance company—but keep in mind that it’s not very likely an insurance company will pay the full amount.

Protect Your Rights

Instead, they will work to settle on a figure that may be disbursed as a lump sum or structured payment. If a settlement can’t be reached, the issue may go to trial for a judge to decide a settlement. This can be risky, as the judge might decide on a figure even lower than what the insurance company originally offered (although this is rare). If you’re considering a workers’ comp claim, working with a workers’ comp attorney gives you the best protection. Call the Law Offices of Jeffrey M. Bloom today at 855-208-3650 to schedule your consultation.