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Evaluating workers’ comp: Factors to consider

When you are hurt at work, you might be inclined to believe you will automatically receive the financial restitution you need to recover from your injuries and pay for the other damages. After all, workers’ compensation claims are meant for just that, taking care of injured workers.

However, it helps to understand that multiple factors come into play when determining the compensation you will receive following your workplace injury. Some of these factors include the extent of your injury as well as the nature of treatment you will need.

Here are two questions that can help you negotiate a better settlement for your workers’ compensation.

Are your injuries permanent or temporary?

Workers’ compensation settlements can be awarded in lump sums or in installments over time. If your injury is severe, chances are you will miss work while receiving treatment. Obviously, this will leave you with a huge medical and living bill. A lump sum settlement can make sense when you are likely to recover from your injuries fast enough so you can get back to work.

On the other hand, if your injuries are severe with the likelihood of permanently keeping you out of work, then you need to think long-term. In this case, you may consider a stretched settlement to ensure that you will have adequate finances for your treatment and other needs.

What are your future medical needs?

Your injury’s prognosis is another crucial factor when evaluating your worker’s compensation settlement. For instance, your injury may require complex treatments as well as therapy to fully recover. Once you accept a lump sum settlement, your case will be closed and you may not return to your employer’s insurance company for additional payments.

Likewise, an injury that is likely to keep you from future work could mean loss of income and/or income potential. If your injury stops you from getting back to work, then you may need to pursue sufficient compensation that will enable you to support yourself and your family.

A workplace injury can leave turn your life upside down. Find out how you can pursue the compensation you deserve if you are hurt at work.