When you are injured while working, you are likely entitled to workers compensation benefits to cover medical bills and missed wages. Sometimes an insurance company will offer to settle your workers compensation claim, offering a lump sum payment rather than paying weekly or biweekly benefits. If you accept a lump sum, you waive your rights to future workers’ compensation benefits.
Keep in mind that because the insurer is in the business of saving money, they do not represent your interests. They do not consider the pros and cons of settling based on your injury and will often offer the least amount to settle a claim. With that in mind, it is important to work with an experienced workers’ compensation attorney to decide whether it is in your best interests to settle in the in the first place, and if so, let an experienced attorney maximize you settlement.
When you are injured at work and the workers’ compensation insurance company is offering a lump sum payment, it is important to weigh the benefits versus the possible consequences of settling early in the claims process. Some victims of work related injury may have an open and shut case where taking a lump sum is beneficial. For others, including those who have largely unresolved injuries, signing away future benefits and rights could prove disastrous.
An experienced workers’ compensation attorney can help you to decide whether a lump sum settlement is in your interest after considering your injury or condition and maximize the benefits you receive for your claim. Contact the workers compensation attorneys of McDonald & Woodward, P.C. for help with your work injury claim at 563-355-6478.