Where The Injured
Go To Protect Their Rights

There’s a big risk involved with a workers’ comp settlement 

On Behalf of | Mar 17, 2022 | Workers' Compensation |

Many workers’ compensation claims involve a series of small claims and individual payments. The insurance company pays for the medical costs every time you go to the doctor and sends you a check every week for your disability benefits until you go back to work. 

However, sometimes workers’ compensation claims involve lump-sum settlements. Workers get one, large payment instead of multiple, smaller payments. Especially for those with a serious, lasting injury, lump-sum settlements can be very attractive offers. 

Receiving all of the money you need at once can seem like a great solution, as work injuries that require time off of work can easily lead to financial hardship. Unfortunately, there is a major risk involved with accepting a settlement when you have an injury that affects your earning potential. 

You lose the right to make a claim again later

The biggest issue with agreeing to a settlement is that you have to release the insurance company of future liability for this injury or incident as part of the settlement process. Even if you have far more expenses in the future than you could have predicted at this time, you will still have no way to ask for more compensation. 

You need to understand how long there will be residual wage loss and how much medical care you will need. If you intend to settle your claim, it’s important that you have a realistic idea of the long-term expenses that your injury could cause. Understanding the outgoing needs you have related to a work-acquired medical condition can make it easier for you to negotiate a workers’ compensation settlement.