Over a million workers in the US get injured on the job every year. Occupational injuries have been a social economic problem for a very long time, according to Brookings. In fact, workplace hazards killed approximately 140,000 workers each year—including 5,283 from traumatic injuries and an estimated 135,000 from occupational diseases.
Hazards in the workplace are inevitable in some industries. That is why employees are entitled to workers’ compensation benefits when they get injured while at work. This can cover them financially for the losses they might incur while they are incapacitated from doing work.
But situations vary for every injured worker. And sometimes, they might contemplate if the first settlement could really cover for most of what they lost. Or will it be possible to negotiate for a fairer amount?
While the initial settlement may seem convenient, it often does not reflect the full value of the claim or future needs related to the injury.
So, should you really accept the workers’ comp first settlement offer? Let’s find out!
Understanding Workers’ Compensation Settlements
The financial needs of individuals who have suffered injuries at work are met through workers’ comp settlements. A variety of factors will be taken into account during the determination of the settlement; these factors might include medical costs, lost income, and even the ability to earn in the future.
The settlement not only addresses immediate issues but also ensures the claimant’s future security. The end settlement must be determined by one’s distinct situation, ensuring there are resources to get through and regain some stability.
According to workers’ compensation attorney Michael J. Rosnick, if you are injured at work within the context of employment, workers’ compensation laws may entitle you to certain benefits, including temporary total disability benefits while you can’t work, payment of your medical bills, and permanent partial or total disability benefits.
Factors to Consider Before Accepting an Offer
Before agreeing to a workers’ compensation settlement, several important issues that could affect your finances later must be carefully weighed.
Consider your medical expenses: are they all paid? Consider what you will need to recover, as it may affect your health. You should also consider lost wages and whether the compensation will fairly cover that loss.
There are additional things you should consider, such as any future consequences caused by the injury; consulting an attorney would help cover all these issues. You are entitled to feel safe about whatever decision you make, so consider these points fully beforehand.
Your future self will appreciate it.
Common Pitfalls of the First Settlement Offer
There are several common pitfalls that arise when one accepts the first workers’ comp settlement offer without considering his or her future expenses.
To begin with, you probably underestimated the medical expenses incurred and possible future expenses for ongoing care. If one does not consider the deeper implications of such an accident, the knothole of expensive healing time is easily bypassed.
If a stipulation is strongly made to be expedited, with the added pressures of either other payments or failing to get the injection, one at times gets concerned in the disposition, thus terminating the lives of the people they have pegged nicely with. You might also forgo the chance of negotiating a far better settlement because you think this is it.
In addition, take into consideration the influence of your injury on your daily activities and health. A settlement that will not only cater to your needs but also to your future requirements is what you deserve.
Remember, the moment you accept a settlement, your choices become limited. It would be wise to look into your whole situation and get some professional tips first before you come to a large settlement decision. You are entitled to the very best for yourself.
Steps to Ensure Fair Compensation
To get the proper compensation, it is essential to gather all the needed information regarding your injury and its impacts. Documentation of your medical treatment is very important: consultations with doctors, medications, physical therapy, etc.
Records must be kept daily for lost wages and the effect of your injury on your everyday life. Find an attorney who specializes in workers’ compensation cases, who will stand beside you, understanding your situation and advocating for maximum settlement. The settlement offer, application, and negotiation for a better offer are your attorneys’ tasks.
Do not accept the very first offer that appears before you; take your time with evaluating what you need. Last but not least, get connected with those who can share a similar experience with you.
Their insights will be beneficial, supporting you through this process so you never feel left on your own.
