Workers’ compensation settlements are often a long and arduous process. If you have ever gone through the process of filing a claim, you know that it can be challenging to reach an agreement with the insurance carrier. In this article post, you’ll learn about the ins and outs of workers’ compensation settlements. You’ll learn what to expect from the process, and be able to employ some professional tips on how to reach an agreement with the insurance company. Let’s get started!
What to expect from your workers’ compensation settlement process?
After filing a work comp claim and going through the entire process, you may be wondering what to expect from the settlement negotiations. You could have a lot of valid questions that deserve answers:
- What is the process?
- How will my settlement be negotiated?
- Will I have to go to court?
- What if the insurance company denies my claim?
- What if I disagree with the settlement offer?
You should know that the workers’ compensation process is designed to be a no-fault system. This means that regardless of who was at fault for your injury, you are entitled to benefits.
The second thing to keep in mind is that the workers’ compensation system is a state-regulated system. This means that each state has its own set of laws and regulations that govern the process.
You should also know that there are two types of workers’ compensation settlements:
- Lump-sum settlements – This is when you reach an agreement with the insurance company on a one-time payment. For example, you could sustain an injury due to a work-related accident. The insurance company may offer you a lump sum settlement of $50,000.
- Structured settlements – This is when you agree to receive periodic payments over a certain period of time. For example, you could receive $500 per month for the next five years.
How do you negotiate with the insurance company?
1. Understand what you want to achieve. In the workers’ compensation context, you will want to focus on two main objectives:
- Getting the full value of your claim
- Ensuring that all of your medical bills are paid
2. Understanding the objectives of the other side. In the workers’ compensation context, the insurance company’s objectives will be to:
- Reduce the value of your claim
- Delay payment of your benefits
3. Prep-work for a negotiation. This means that you should:
- Gather all relevant documentation, including medical bills, pay stubs, and any other documentation that will support your claim.
- Calculate the value of your claim
4. Engaging in a negotiation. This can be done either through an attorney or directly with the insurance company. If you are negotiating directly with the insurance company, it is important to remember that they are trained professionals. It is important to be patient and stay calm throughout the process.
What can you do when you receive the settlement offer?
When you receive a settlement offer from the insurance company or their legal team, you have generally two options:
Accept the offer and sign the release
This means that you will receive the offered amount of money and will not be able to pursue any further legal action. This basically means that you’ll sign a waiver that you will not claim additional monetary compensation.
Reject the offer and continue with the litigation process
This means that you will have to go through a trial, which can be time-consuming and expensive. You can also make a counteroffer, which means that you suggest a different amount of money that you feel is more accurate to the value of your claim.
It is important to keep in mind that you are not required to accept the first offer that is made. If you do not feel like the offer accurately reflects the value of your claim, you have the right to reject it.
You should also know that you have the right to seek legal counsel before making any decisions. An experienced workers’ compensation and disability attorney will be able to advise you on the best course of action.