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You are not required to accept the insurance company’s first workers’ compensation settlement offer. The first settlement offer may not adequately compensate you for your work-related injuries, especially if the settlement offer is made very soon after your workplace accident. Our Savannah workers’ compensation attorneys offer free consultations so you can determine what is in your best interest.
What You Could Lose by Accepting the First Workers’ Comp Settlement Offer?
Rushing through a workers’ comp claim may result in money in your hands quickly. However, the money in your hand might be a lot less than your claim is worth. Rushing through a workers’ compensation claim can often result in losing money for expenses including, but not limited to:
- Future medical costs
- Diminished earning capacity
- Long-term disability benefits
- Occupational and physical therapy
- Travel reimbursement to medical appointments
A workers’ comp insurance company may try to settle your case quickly before you realize the extent of your injuries. The company would rather pay a small settlement now instead of a larger settlement later, which is not in your best interest.
What Happens if I Turn Down a Workers’ Compensation Settlement?
A quick settlement offer is often a sign that the insurance company is undervaluing your settlement. It also means that the settlement offer does not include everything, such as future medical bills and loss of earnings.
Generally, your attorney sends a rejection letter to the insurance provider with a counteroffer. The insurance provider may accept the counteroffer and settle the claim or reject your offer. The back-and-forth negotiations may go on for weeks. Once a settlement is reached, your attorney must send the settlement to the State Board of Workers Compensation for approval.
You can appeal your case to an administrative law judge (ALJ) if settlement negotiations fail. The judge reviews the claim to determine whether the amount the insurance company offers is fair. If the judge agrees, your lawyer can continue to appeal your case, including filing a lawsuit with the court.
What Happens When I Accept a Workers’ Compensation Settlement?
Most of the time, injured workers receive workers’ comp settlements in a lump sum. Before you receive a check, you must sign documents consenting to the settlement. Before accepting the settlement, ensuring you are fully healed is crucial.
You forfeit your right to seek further compensation when you sign the settlement. Even if you discover you have additional injuries or need more treatment, you cannot pursue another claim. Therefore, settling a workers’ comp claim before you reach maximum medical improvement could result in personal liability for future medical expenses.
Beware of Deadlines to File Workers’ Compensation Claims
You must be mindful of the deadline for filing a workers’ compensation claim. It could take months to recover from a work injury. The statute of limitations for filing a workers’ compensation claim is one year from your injury date. Injuries must be reported to your employer within 30 days of the injury.
An insurance company may delay settlement for your case. If a company is delaying settlement, you need to speak with an attorney. It could be a tactic to allow the statute of limitations for filing a claim to lapse.
Schedule a Free Consultation With Our Savannah Workers’ Compensation Attorneys
Before you accept a workers’ compensation settlement, talk with one of our Savannah workers’ compensation attorneys at Parsons Law Group. Your claim could be worth more money. If you accept the settlement, you may not receive the full value of your claim.