Navigating the world of workers’ compensation can be a complex and often overwhelming process, especially when it comes to understanding settlements. A settlement in a workers’ comp case is an agreement between the injured worker and the insurance company to resolve the claim. The purpose of this blog post is to demystify workers’ comp settlements and help you understand what they entail.
When an individual gets injured at work, they are entitled to receive compensation for their medical expenses, lost wages, and any permanent disabilities resulting from the injury. The workers’ comp system is designed to provide these benefits without the need for a lengthy legal battle. However, there are instances where the injured worker and the insurance company may not agree on the benefits, leading to a settlement.
A workers’ comp settlement is typically a lump sum payment or a structured settlement. A lump sum payment is a one-time payment that covers all future medical expenses and lost wages. On the other hand, a structured settlement involves periodic payments over a specific period.
The settlement amount depends on several factors, including the severity of the injury, the worker’s age, occupation, and the extent to which the injury affects their ability to work. It is important to note that once a settlement is agreed upon, the injured worker cannot claim any further compensation for the injury.
One of the advantages of a settlement is that it provides the injured worker with a sense of closure and allows them to move on with their life. It also eliminates the uncertainty of a trial and the possibility of receiving less compensation than expected.
However, settlements are not always the best option for every case. There are instances where going to trial may result in a higher compensation amount. This is why it is crucial to seek the advice of experienced NY workers’ compensation lawyers who can guide you through the process and help you make an informed decision.
Before agreeing to a settlement, it is important to consider the long-term impact of the injury and the potential future medical expenses. You should also consider the possibility of re-injury and whether the settlement amount will cover any future complications.
In addition to legal representation, workers’ compensation lawyers also provide valuable advice and guidance throughout the claims process. They help clients understand their rights and responsibilities and what to expect at each step of the process. They also assist in gathering and organizing the necessary documentation, including medical records, accident reports, and witness statements, to support the claim.
Workers’ comp settlements can be a viable option for resolving a claim, but it is essential to fully understand the implications of a settlement before proceeding. It is also crucial to have the right legal representation to ensure that you receive the compensation you deserve.
At Polsky, Shouldice & Rosen, P.C., we understand the complexities of workers’ compensation claims and are committed to helping our clients navigate the process with ease. Our team of experienced professionals will work with you to evaluate your case, provide valuable advice, and ensure that you receive the compensation you deserve. Let us handle the legalities while you focus on your recovery. Contact us today to get started.