By GNGF Design/Development on September 27th, 2024 in Uncategorized
Annually, 2.8 million workplace injuries or illnesses are reported. Workers’ compensation provides benefits to most of these workers, but workers’ comp is a form of insurance and a business.
Compensation may be inadequate, and in this case, you may pursue negotiations and seek a workers’ compensation settlement.
If you’re pursuing a settlement, it’s best to hire an attorney – like us – who can help you seek the maximum compensation possible.
Settlements may be offered at many times:
Early On, When the Claim is Made
Insurers may try to resolve a case quickly, especially if they believe that you may need ongoing medical treatment and that disputes may arise. For an insurer, settling early is:
- Cost-effective
- Advantageous because it minimizes risk
If you need immediate financial relief, an early settlement may be tempting. Offers are often low, and if your medical assessment is unknown, you may not realize the extent of care you may need in the future.
When a Claim is Disputed
Litigation is expensive, and insurers may offer a settlement when you dispute a claim. You, or the insurer, may not agree on the extent of the injury or your ability to resume normal duties, leading to a dispute.
In an effort to avoid legal costs, a settlement may be made that guarantees you payment, resolves the dispute and helps you avoid litigation.
The downside?
Initial offers are often low, and future treatment costs are not the responsibility of the insurance company once the claim is settled.
Following Maximum Medical Improvement
If you’ve been through extensive surgeries and therapy and doctors believe you have reached the maximum level of improvement possible, a settlement may be made. Insurers want to settle a claim to end benefits, and at this point, you have a clearer understanding of how the injury will impact your life.
You may:
- Receive a lump sum payment
- Finally, have closure
- Underestimate the extent of your future medical needs
Settlements are rarely straightforward and do not go as injured parties hope. Insurers will drag out settlement talks, and it can take 12 – 18 months to settle.
All settlements must also be approved by the State Board of Workers’ Compensation, which can extend the process.
We never recommend rushing into a settlement to simply “get it over with.” You deserve an offer that takes the full extent of your injuries and losses into account.
Contact us and we’ll help you secure the best settlement possible.
Do Insurance Companies Always Offer a Settlement?
Insurance companies are not required to offer a settlement for workers’ compensation claims. However, the majority of claims end with a settlement.
Do You Need to Accept a Settlement Offer?
If you receive a settlement offer from the insurance company, you may assume that you have to accept it.
However, you are under no obligation to accept any settlement offer at any time during your case. Depending on the circumstances, it may be in your best interest to settle, but you are never required to settle your claim.
- Your employer cannot force you to accept
- An insurance adjuster cannot force you to accept
- A workers’ compensation judge cannot force you to accept
If you cannot come to an agreement on a settlement number, your case will stay open. You will continue to receive benefits, or you will continue to fight for the benefits you believe you are entitled to.
Settlements are entirely voluntary, and there’s no guarantee that you will be offered a fair and reasonable settlement.
How Can I Evaluate If a Settlement Is Fair?
If you’re offered a WC settlement, you may be tempted to accept it, but how do you know if the offer is fair?
More often than not, insurance companies will start with a low-ball settlement offer. Their top priority is to protect their bottom line – not provide you with a fair and just settlement.
Without the right knowledge and expertise, it can be challenging to determine whether you’ve been given a fair offer.
Several factors must be considered, including but not limited to:
- Unpaid past and future medical expenses
- The severity of your injury
- Permanent work restrictions
- Your permanent partial disability/impairment rating (if applicable)
- Your future work prospects
- Any housing modifications or medical equipment you may require
When evaluating a settlement offer, it is crucial to have an experienced workers’ compensation attorney on your side. An attorney can help determine whether your offer is reasonable, and if not, they will negotiate with the insurance company until a fair agreement is reached.
If you have been offered a WC settlement or are in the process of filing your claim, the skilled and experienced attorneys at The Law Offices of Darwin F. Johnson can assist you. We have been representing injured workers across Georgia for more than two decades, handling over 10,000 cases and recovering more than $250 million for clients.
