Workers Compensation Settlements

Workers compensation settlements are written agreements in which a workers compensation claimant and the insurance company agree to resolve some or all aspects of the claimant's case.

The legalese on a workers comp settlement is complex, so you'll want to have a good workers comp attorney on your side as you negotiate the settlement.

In addition to you agreeing to the workers comp settlement and the insurance carrier agreeing to the workers compensation settlement, you usually will also need the Workers Compensation Commissioner to sign off on the settlement agreement.

If you agree to a workers comp settlement, you will typically get a lump sum settlement payment. In some cases, the settlement may involve multiple payments over time.

The amount for a workers compensation settlement is mostly based on an estimate of how long the worker is likely to be partially or totally incapacitated from employment in the future. It also considers any permanent injuries to the employee.

You don't have to accept a settlement offer. It's entirely up to you.

One nice thing about a workers compensation settlement is that the money is tax-free to the claimant in most instances.

While accepting a workers comp settlement may seem advantageous, it's best not to rush your decision to accept a workers comp settlement offer. If you accept an offer now, it may preclude your receiving treatment for future unforeseen medical issues that arise from the injury.

Once you have agreed to your settlement and it has been approved by the appropriate parties, the checks will start coming your way. If they come late, most states will charge the insurance company a penalty, which accrues to you as an additional payment.

It can take some time before you finally get the check for your workers comp settlement. If you find that you are experiencing financial troubles in the interim, or at any time during your workers comp case for that matter, you may want to see if Workers Comp Legal Funding makes sense for you.