We all carry the danger of experiencing a job-related accident or sickness, whether we work in a warehouse or an office on the 15th floor. However, just because certain professions involve a greater level of risk than others, it does not mean employees working “less dangerous” jobs should be mistreated when filing a workers’ comp claim.
Several benefits are available to you in the event of a work-related accident, including reimbursement for medical costs and compensation for missed earnings. These benefits may be provided in the form of conventional workers’ compensation benefits, paid by your employer’s insurance carrier. But what happens if you are given a lump sum settlement? And when will workers’ comp make a settlement offer? We have answers to all your questions. Stay with us till the end.
According to the Bureau of Labor Statistics, nonfatal workplace injuries (and illnesses) reported in the United States in 2021 were 2.7 million—down from 2.8 million in 2019. Thus, it should come as no surprise that the great majority of American employees, about 90%, are insured by workers’ compensation insurance, which is required by law.
Workers Comp Settlement Process
A workers’ compensation settlement is a mutually beneficial agreement formed between an injured employee and the insurance company. Typically, a single payment is made under the terms of this arrangement in exchange for a particular cash payout. Workers’ comp settlements often include compensation for the employee’s lost income and benefits for current and future medical expenses linked to the accident.
When individuals experience a work-related injury, they must notify their employer as soon as possible. All states have varying deadlines for reporting a workers’ compensation injury, ranging from 72 hours to two years. Most employers demand a report within 30 days of the incident to begin the workers’ compensation claim procedure.
- The employee informs their employer about the injuries they have suffered.
- The employer guides the injured employee on the necessary paperwork.
- The employer notifies the insurance company of the damage and fills out the claim form.
- The claim is either approved or denied by the insurance carrier.
Workers’ compensation claims are filed when an employee suffers a work-related injury, which the insurance company typically recognizes. The insurer then gives a certain amount as compensation. It is then up to the employee to decide whether or not to accept the offer and receive the compensation. Instead of accepting the insurance company’s offer, an injured worker may choose to hire an attorney to obtain a more favorable settlement.
Do You Always Get a Workman’s Comp Settlement?
Settlements are a major topic of discussion in worker’s compensation forums. Most people are unfamiliar with the term “settlement” when it comes to workers’ compensation, and even if they have heard of it, they are unlikely to know what it means or how it works. One of the first questions we often get from new clients is, “Do you always receive a workman’s compensation settlement?” Quite simply, the answer to this question is no.
When Will Workers Comp Offer a Settlement?
In most cases, the initial workers’ compensation settlement offer is made within a few weeks or months of an injury. While the offer may be issued within a few days in certain situations, you should be cautious if this is the case since it might suggest that the insurance company is attempting to undercut your claim.
A workers’ compensation claim may be paid in two ways: a lump-sum payment or a structured settlement. With a lump-sum settlement, the employee signs a settlement agreement that concludes the matter, and in return, they get a one-time payment from their employer or insurance provider. On the other hand, in a structured settlement agreement, the employee will receive compensation over an agreed period.
While you may be tempted to accept a settlement offer as soon as you receive it, it’s essential to examine the long-term consequences of your accident or illness—which might take some time to understand.
What Happens When a Workers Comp Claim Goes to Trial?
When a workers’ compensation lawsuit is taken to court, the judge will assess the case, decide whether the claim is valid, and offer a settlement sum that the court considers justified. Once the court determines the sum, both the insurer and the employee who filed the claim have the option of complying with the ruling or filing an appeal against the whole settlement or certain parts of it.
An appeal is typically granted for 30 days in most cases. As soon as the insurance company fails in its attempt to overturn the court ruling or accepts the suggested sum outright, the settlement is complete, and the carrier will pay out the agreed amount.
Get Workers’ Compensation You Deserve with WIN Injury Network
Workers’ compensation is intended to make it simpler for you to recover from a work-related accident. However, the process of filing a claim can be challenging. Suppose your injuries have resulted in a lifelong disability, and the insurance company is attempting to deny your claim. In that case, a personal injury lawyer can assist you in obtaining the compensation you deserve.
If you have been injured on the job and are experiencing difficulty collecting benefits, contact a workers’ compensation attorney at WIN Injury Network. We provide free consultations, and you will not be charged anything in advance. Our attorneys will only be compensated if successful in recovering money on your behalf. Contact us today for a free case evaluation!