You have the right to workers' compensation benefits if you are hurt at work. This includes compensation for both your medical costs and lost wages. In some cases, the workers' comp insurance provider may make a lump sum payment offer to settle your claim at some point during the course of your claim after your injury. When you are unable to work and money is tight, you could be tempted to accept. However, it's important that you realize that accepting the first workers' compensation offer is probably not the wisest choice.
Prior to accepting the first workers' compensation settlement offer, you should carefully consider whether or not it is fair and will cover your losses in full. If you are in a pinch for money, you could be eager to get money as quickly as possible. However, accepting a quick offer that doesn't fully cover your losses could be devastating to you financially. The offer might not cover all of your future costs if your injury is severe and necessitates long-term rehabilitation or continuous medical treatment. It's important to remember that the insurance company is representing your employer, not yourself, and will attempt to pay out benefits that will impact the company's profits.
Whether or not you should accept a first workers comp settlement offer is a complicated decision, and you should not make such a choice without first consulting an experienced NY workers comp lawyer.
We will examine workers' compensation settlements in more detail below and what happens if you turn down an insurance company offer. However, if you find yourself in this situation, reach out to us at Brandon J. Broderick, Attorney At Law. We can help you make sense of your injury, what benefits you are entitled to, and most importantly, if you should accept a first offer or negotiate for more.
What To Think About Before Accepting a Workers Comp Settlement in NY
It's never easy to suffer an injury, let alone an injury at work in New York. While dealing with the recovery of a work-related injury is already stressful, it may have an impact on your financial standing as well. This is where workers' compensation benefits come in. It can offer immediate financial relief, but there are a few things to think about before accepting the benefits, especially when the insurance company is offering a settlement.
You must understand your options and what actions to take in order to guarantee that you are getting fair compensation. Before accepting a first settlement offer, here are some factors to consider:
- Injury severity: Consider the extent of your injury and any potential long-term effects before taking any settlement offer. Consider your lost income, current and future medical expenses, and any ongoing physical or psychological suffering brought on by the injury.
- Requirements of your work and how the injury may impact it: Your injury might make it impossible for you to return to the same position you were in before the workplace injury. Think about how this would impact your career or future employment opportunities. It's important to take into account lost wages or job security to which you could have been entitled due to your accident.
- Settlement total: When a settlement offer is made, thoroughly review the terms of the settlement and think about asking for a larger amount. A workers' compensation lawyer can assist you in determining what would be a fair counter
If a claimant rejects the insurance company's initial offer of settlement, the insurance company will sometimes threaten to pursue other options, such as an independent medical examination or even a work suspension/termination. Your lawyer is likely aware of which threats are unfounded and how to respond. In this situation, having experienced legal representation can make all the difference,
- What happens after agreeing to a settlement: Once you accept, you forfeit the right to sue your employer and its insurance provider for any further benefits resulting from the work injury. This could have serious repercussions, particularly if you've been seriously hurt. In order to make sure you are well-informed to make the best choice, consulting with a lawyer can help you determine what is best.
- Your case's timeline: Workers' compensation cases can be difficult to handle and may take several months or even years to finish. Think about how your case is progressing, if it makes sense to accept the settlement offer, and whether it would be better for you to pursue your claim. There are advantages to either choice.
Remember to take into account these variables, as they may affect your workers' compensation settlement amount.
Rejecting a Workers' Comp Settlement Offer: What's Next?
Although benefits from workers' compensation may give you the much-needed immediate assistance you need, usually you are entitled to more than what is originally offered in a settlement agreement. If you're thinking about turning down the insurance company's initial offer, know what to anticipate:
Review The Settlement Offer With A Lawyer
You should understand your rights as an injured worker before turning down a settlement offer. What steps to take should be determined with the help of a workers comp lawyer. They will be able to accurately evaluate the settlement offer and assess if it's fair. In the event that the offer is not fair, your lawyer can assist you in negotiating a better settlement with the insurance company.
Be Patient
Rejecting a workers' compensation settlement and starting discussions can be a drawn-out process. You will need to exercise patience throughout the process.
For Legal Help, Call Brandon J. Broderick, Attorney At Law
In certain cases, workers' comp claims can move quickly, but sometimes, it can get complicated and take a long time.
Rejecting the first workers' compensation offer doesn't mean you have no other options. A settlement sum that is acceptable to both parties is reached more easily when negotiated by your lawyer. Brandon J. Broderick, Attorney at Law can help you get there.
Please give our office a call to schedule a free consultation today.