Insurance companies often offer injured workers a lump sum settlement for their workers’ comp claim. But before you take such an offer, it is important to think carefully about whether or not it’s the right move to make. In this blog, we explain how to decide if you should accept a lump sum settlement offer.
Does It Make Sense to Settle?
Insurers want to settle your claim with a lump sum because they might be able to pay a smaller settlement than if your case were to continue. To determine if settling your claim makes sense, ask yourself the following questions:
- Will I get better?
- Will I be able to get back to work?
- What is the current status of my case?
Sometimes settling your case will give you some level of control over the result.
Are Your Benefits Likely to Continue?
You are only entitled to benefits for as long as you are unable to work. Insurers will often hire private investigators to watch you to see if you are really injured. You might also be required to see a physician every 6 months. Because of this, you need to really asses your injuries to determine when you will likely be ready to return to work. If you think your benefits will be running out soon, settling your case might be the right decision to make.
Do You Understand What Settling Actually Means?
Once you settle, your weekly checks will stop coming and will instead be replaced with a single, lump sum amount. This means your ability to make claims for your particular work injury will be closed forever. Make sure you fully understand these implications before accepting a settlement offer.
Do you need help with your workers’ comp case? Has your employer denied your claim? Contact our San Jose team of workers’ comp lawyers to set up a free consultation today.