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What Are the Pros and Cons of a Workers’ Comp Settlement?

Receiving a settlement can resolve your workers’ compensation case, but there are pros and cons to consider. However, accepting a settlement may mean you cannot request further compensation for future medical expenses you may have. You could lose out on benefits by taking a settlement. On the other hand, accepting a settlement provides you with the money you need to cover medical needs and other financial responsibilities.

At KJT Law Group, we understand that it is challenging to know how to proceed with a complex workers’ compensation case. Our workers’ compensation lawyers can help you make the right choice. Call us at (818) 507-8525 for a free case evaluation to learn more.

Workers’ Comp Settlement Pros and Cons

Work injuries can occur in any industry and for countless reasons. You may have suffered an injury in a slip and fall incident at an office, an equipment-related accident in a manufacturing plant, a scaffolding accident at a construction site, or another painful injury. Whatever the circumstances of your workplace injury, you are probably eager to resolve your workers’ compensation case and receive the benefits you need.

When someone files a workers’ compensation claim, the insurance company will either approve or deny the claim. If it approves the claim, the worker will receive a portion of their lost income and coverage for their injury-related medical expenses. If it denies the claim, the injured worker has the right to file an appeal.

According to the State of California Department of Industrial Relations, a workers’ compensation settlement is resolved when an injured person and the claims administrator agree on the provided compensation amount. A settlement can be paid in increments or as a lump-sum payment. A workers’ compensation administrative law judge will have the final say if the case does not settle.

Pro: Accepting a Settlement Can Resolve Your Case

If you have suffered an on-the-job injury, you have probably already been through many challenging circumstances. You may be ready to resolve the case and the frustrations that come with it. Accepting a settlement is often the fastest way to settle a workers’ compensation case.

Pro: A Workers’ Compensation Settlement Allows You to Receive Payment

Going back and forth with an insurance company can be stressful. Accepting a settlement ends the back-and-forth and provides benefits for medical expenses and other losses.

For many people, a serious work accident or injury has wide-reaching financial consequences. They may be eager to take a settlement so they can pay medical bills or resolve other financial issues.

Con: Settling a Workers’ Compensation Case Can Be Risky

There are pros and cons of workers’ comp settlements. On the one hand, taking a settlement ends the case and lets you move on with your life. On the other hand, taking a settlement may force you to give up certain rights.

For example, suppose you take a lump-sum settlement but later discover that you need surgery to correct a problem your work injury caused. If you have already accepted the settlement, you may be unable to request additional compensation for the surgery. The insurance company may refuse to cover the cost of the surgery, even though it is directly related to the work injury.

The human body can react to a work injury or illness in many ways. It is impossible to predict the future. Taking a workers’ compensation settlement can be somewhat risky because you may encounter expenses you did not expect.

Con: Going to Trial May Result in Greater Compensation

If a settlement doesn’t resolve a workers’ compensation case, it go up for adjudication before a Workers’ Compensation Appeals Board (WCAB) judge. While a workers’ compensation trial can be complex and stressful, fighting for compensation in court is sometimes the best way to go about obtaining compensation. Of course, there’s the possibility that you could lose at trial.

As you can see, knowing whether accepting a settlement or fighting for compensation through the court system is the best option can be challenging. Our workers’ compensation lawyer can evaluate your case, examine the evidence, and estimate what your chances are of winning your case.

Let Us Help You Evaluate the Pros and Cons of Accepting a Workers’ Comp Settlement

The workers’ compensation lawyers at KJT Law Group represent individuals who have suffered injuries in the workplace. We can help you file a workers’ compensation claim, appeal a denial, and represent you during settlement negotiations or in court.

If you are unsure of what to do in your workers’ compensation case, let us help. We can give you legal advice, talk to the insurance company for you, and help you decide what to do. We can take care of your entire case while you focus on recovering from your injuries. Call KJT Law Group at (818) 507-8525 for a free consultation.

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