What Types of Workers’ Compensation Settlements are There? 

Victims of work-related accidents might be in a position to file a claim for various workers’ compensation benefits. As part of their claim, they could recover compensation for their medical treatment, a portion of their lost wages, and permanency. If benefits will need to continue for a long period of time, the insurance company might make an offer of a lump-sum settlement instead of continuing periodic payments.

Before you accept a settlement offer, you need to speak with a lawyer who can advise whether the settlement is adequate to cover the benefits you need over your lifetime. Regardless of whether or not you have legal representation in your workers’ compensation matter, an administrative law judge must review any settlement agreement to determine if it’s appropriate.

If you suffered a work injury while on the job and during the scope of your employment, you need a knowledgeable workers’ compensation attorney in your area to represent you every step of the way. Your San Jose worker’s compensation lawyer can assist you with the agreement and make sure that it is both complete and accurate.

Types of Workers’ Compensation Settlement Agreements

A workers’ compensation settlement agreement is a type of legal contract. Several types of these agreements exist.

One type is a stipulation and request for award. Under this type of agreement, you and the insurance company claims administrator agree to the permanent or temporary disability benefits that you will recover. Typically, accident victims recover these payments every week.

Another type of stipulation involves medical care where the insurance company agrees to pay for certain medical treatment that you may require going forward due to the injuries you sustained in your accident.

Another type of settlement agreement is a compromise and release. Under this agreement, the insurance company will pay you a lump sum amount to resolve your claim in full. After everyone signs an agreement, the workers’ compensation closes.

Other compromise and release agreements involve medical care. If a lump sum settlement includes the cost of anticipated future medical care, the insurance company will no longer pay your medical bills. Rather, you will have to pay them on your own.

Your lawyer can help you decide whether you should accept a settlement offer from the insurance company or take your case to a hearing. Even if you decide a settlement is favorable, a judge will need to approve the settlement agreement before the contract can move forward. This is to protect the rights of workers and ensure that insurance companies are not taking advantage of them.

Speak with an Experienced Work Injury Lawyer Today

Suffering an injury while on the job can leave you in pain and out of work for a long time, and a settlement might make more sense than receiving ongoing payments. Your workers’ compensation attorney could assist you with pursuing favorable settlement compensation and crafting a workable agreement. Alternatively, your lawyer could represent you at your hearing and advocate for your legal interests before the judge handling your claim.