When Should You Consider a Settlement?
A settlement is basically an extrajudicial way of resolving a workers’ compensation claim by setting up an arrangement that is deemed fair to both parties. It is a negotiation between the employee and the Employer or its insurer. Settlements are optional for workers’ compensation claims.
So, should you consider a settlement? Should you initiate? How will you respond to the other party if they propose a settlement?
To make an informed decision, you should speak with one of our lawyers.
Our lawyers can answer all your questions and help you determine if a settlement would be in your best interest. At Workers’ Compensation LLC, you can ask our lawyers anything regarding your case. It is our attorney’s duty to give you proper legal advice so you know what is the next best step to take.
In determining whether to settle your claim, it is also important to obtain information from your doctor regarding your current condition, treatment options and expenses. Your doctor will give you an assessment as to whether or not you are still fit to work and under what conditions or circumstances. You will also need to obtain and review copies of your medical records.
Terms and conditions should be favorable to you
Remember that time is running even when considering a settlement. In fact, the timing is very important to get the most from your settlement. Do not let your employer or its insurance company set the parameters for settlement negotiations. It is better for the employee to present an initial settlement demand to employer. If the employer or its insurer initiate the settlement negotiations it’s more difficult to negotiate your interests from there.
The perfect settlement is one that considers the interests of both parties and represents a fair compromise of any issues that are in dispute. If you and your employer want to agree on a settlement of your workers’ compensation claim, it only becomes binding after the terms are approved by the court. You must make sure that the terms are clear and that you understand it perfectly. In drafting the settlement, there must be active participation on both parties. Due to the complex nature of workers’ compensation settlements, you should always contact our attorneys for assistance with the settlement process.
Finding the perfect time
Again, time is of the essence because if you have already recovered or found another job, your employer can say that you no longer need further compensation and that you are in a better position now. If you propose a settlement at the perfect time, to which our lawyers can advise you when, you can get the most out of your settlement.
Evidence and legal arguments are used in settlement negotiations, so it is very important that you nail these two. You will need an experienced advocate on your side. We have lawyers specializing in Workers’ Compensation.
If you agree on a settlement, you can either receive an award of lump-sum payment or installments on a periodic basis. Overdue benefits, penalties and attorney’s fees may be recovered in the settlement.