Lawyer working through insurance papers

Should I Accept a Settlement from the Insurance Company?

As an injured worker, you may wonder whether you should accept a settlement offer from the insurance company. While a settlement can provide you with a lump sum to cover your medical expenses and lost wages, it's important to weigh the pros and cons before deciding.

Here are some factors to consider when deciding whether to accept a settlement offer:

Pros:

1. Quick resolution

A settlement offer can quickly resolve your workers' compensation claim, allowing you to move on with your life and focus on your recovery.

2. Guaranteed payment

Unlike a workers ' compensation award, a settlement offer provides a guaranteed payment, which may be subject to appeals and delays.

3. Control over the outcome

By accepting a settlement offer, you have control over the outcome of your case and can avoid the uncertainty of a trial.

Cons:

1. Lower compensation

Settlement offers are often lower than you would receive through a workers' compensation award as insurance companies try to minimize costs.

2. No future benefits

If you accept a settlement offer, you forfeit your right to future benefits, such as medical treatment and wage replacement.

3. Limited options for appeal

If you accept a settlement offer, you have limited options for an appeal if you later discover that your injuries are more severe than you initially thought.

Before accepting a settlement offer, it's essential to consult with an experienced workers' compensation attorney who can help you evaluate the request and negotiate for a fair settlement. An attorney can also help you understand your rights and legal options.

Rapid City Insurance Defense Attorney

At Beardsley, Jensen & Lee, we have helped countless workers navigate the workers' compensation system and obtain the compensation they deserve. Contact us today at (605) 777-7466 to schedule a free consultation and learn how we can help you.

Sources:

  • https://www.nolo.com/legal-encyclopedia/pros-cons-settling-workers-compensation-case.html
  • https://www.alllaw.com/articles/nolo/workers-compensation/pros-cons-settling-workers-comp.html
  • https://www.avvo.com/legal-guides/ugc/pros-and-cons-of-settling-a-workers-compensation-claim
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