If you are nursing a work-related injury, you likely want to focus on your recovery so you can get back on your feet and move on with your life. You also want to navigate your workers’ compensation benefits claim as smoothly as possible so you can receive the financial restitution you deserve to pay your medical bills and other expenses. And insurance companies understand this fully.
However, when the insurance company offers a settlement for your workers’ comp, it’s important to understand that they rarely do so with your best interest at heart. Thus, you need to take a number of factors into account before accepting a settlement.
Will a lump sum settlement work for you?
When the insurance company approaches you with a lump sum offer, they are thinking about what is best for them. A lump sum offer gives them a clear idea of what they will part with while removing the question of how long they will be paying for your claim. In fact, lump sum settlements save insurance companies money in the long run.
This is not to say that a lump sum settlement might not be good for you. Thus, before taking this route, it is important that you ask yourself a couple of questions. Based on the nature of your injuries, how soon do you expect to resume work? If you will be able to work again, will your income be impacted in any way? How you answer these questions will determine if a lump sum settlement is right for you.
Asserting your right to a fair settlement
If you establish that accepting a settlement makes sense, the next step would be to determine whether the amount the insurance company is offering is fair. It helps to understand the full value of your workers’ compensation claim. This is where crucial documentation like your doctor’s report comes in. Understanding the full extent of your injuries and the kind of therapy you will need to fully recover can help you determine if the offer in question is fair or not.