Worker’s compensation is insurance carried by employers that provides protection for employees’ work-related illness and injury. Workers compensation settlements are the result of a disagreement – between you and the insurance company – about how much you are owed when you experience illness or injury on the job. Workman’s comp settlements can be an advantageous alternative to a hearing jury trial for several reasons.
First, a worker’s compensation settlement ensures you receive some compensation for your job-related health complaints. A hearing or jury trial offers no such protection. In fact, a hearing or jury trial could result in an award of benefits that is lower than the insurance company’s initial offer.
Hearings or trials can also be lengthy, which is generally not to your advantage if your illness or injury has resulted in an inability to work. Workman’s comp settlements also offer the benefit of a lump-sum payment, often preferable to a weekly installment. Finally, a workers’ compensation settlement gives you greater leeway to negotiate the specific terms of the benefits you will receive.
What to Expect
An attorney can help you understand what benefits you are entitled to because of job-related illness or injury, and this is often the first step in a worker’s compensation settlement. After you and your attorney have determined what benefits you deserve, you and your attorney must decide which rights you are able and willing to relinquish during settlement negotiations.
Once you understand the possibilities and drawbacks of a potential settlement, you are ready to negotiate with your employer’s insurance company. At this point, your attorney will handle the bulk of the communication. Negotiations include both benefits (most often in the form of a payout) for you and protections for the insurance company against future claims. Because of these considerations, workers’ compensation settlements can take some time to complete to leave both sides satisfied with the outcome.
Benefits can include payments for medical treatments, paid time off work, rehabilitation, and permanent disability compensation. Rights you may have to relinquish include the right to future claims regarding that specific illness or injury or the right to coverage for future medical treatment. An attorney can work with you to negotiate the best outcome for your workman’s comp settlement.
Finally, be aware that a worker’s compensation settlement is a voluntary negotiation for both you and the insurance company. Neither you nor the insurance company must settle if the terms cannot be agreed upon. An attorney can help you determine whether the terms of the negotiation are of sufficient benefit for you to settle.
Hi, my name is Kevin Moore. I was born in San Diego, CA and studied at the University of San Diego. I am passionate about sharing my knowledge with interested people and have years of experience in the field of business, health . information technology.
