Settlement offers are a standard part of the workers’ compensation claim process. Insurance carriers aim to settle the claim for a flat rate in the hopes of minimizing their liability. You have no obligation to accept any settlement offer, and it is important to seek legal advice before you respond.
There are a few key things to think about when you evaluate any settlement offer.
Where does your recovery stand?
The first thing to think about is where you stand in recovery. If you are still facing a long recovery time with ongoing treatment, it may be best to wait. A settlement offer you receive now often does not account for long-term recovery costs. If you have reached the peak of your recovery, you can consider the settlement offer more rationally because you have fewer outstanding recovery costs.
What must you sacrifice if you accept?
You may not realize that you forfeit your right to any further compensation by accepting a settlement offer. Should you suffer a setback in recovery, there would be no avenue for you to obtain any further compensation.
Are you uncomfortable with a trial?
A leading reason for injured individuals to accept a workers’ compensation settlement is the desire to avoid court. If you are uncomfortable with the idea of a trial and wish to settle the situation sooner, you can have an attorney help you negotiate a settlement.
Settlement offers are open for negotiation. As a result, you should be willing to push back if you feel the offer is unfair.