The insurance company that provides your employer’s workers’ compensation insurance pays a workers’ compensation settlement. Companies are required to keep insurance policies at all times in every state but Texas. This means that if you are injured on the job, you may be able to claim workers’ compensation benefits from your employer.
Understanding Workers’ Compensation
Workplace accidents are a major cause of death, disfigurement, and disabilities for employees. The laws have changed significantly to improve workplace safety and protections for workers, but there are many jobs that remain dangerous and lead to serious injuries.
Workers’ compensation programs are designed to provide support to injured workers while they recover or to replace their income because they are not able to work. Companies maintain workers’ compensation insurance at all times so that they can provide coverage for workers when they are injured. You file a claim with the insurance company through your employer, and the insurance company provides the benefits.
Workers’ Compensation Settlements
Settlement agreements are used to handle claims and their resulting payouts. There are several types of workers’ compensation settlements that you may encounter. In a lump sum settlement, you will receive one or several large payouts. The compensation payments are lumped together so that you receive more of it at one time. This can be an effective way to address major expenses, such as medical bills.
The other option is a structured settlement. In a structured settlement, you receive a small portion of the payout periodically. This is similar to how you would be paid for doing your job. Some people choose this option because it can help them continue to manage their finances as if they were still working.
There are other subtypes of settlements that you may encounter depending on which state you are in. For example, it is possible to combine multiple types of settlements into a combined settlement. How the two parties are able to come to an agreement can also change how the settlement works. When trying to negotiate a settlement, you have the option of working with a lawyer to make sure that it meets your needs, and all of your requirements are met.
Workplace injuries can result in several types of expenses, which workers’ compensation can cover, according to the U.S. Department of Labor. These expenses can include:
- Medical expenses: This includes the cost of medical treatment after an injury as well as ongoing medical care to deal with specific problems that injuries create.
- Lost wages: If you have to miss work because of your injury, you may be able to claim compensation for your lost wages.
- Disfigurement recovery: Disfigurement can happen, especially around heavy machinery. The impact on your life entitles you to financial compensation.
- Disabilities: Being disabled by your injury means that you may not be able to work. The insurance program can provide compensation to cover your lost wages over an extended period of time to make up for your inability to work for your inability to do the same job that you performed at the time.
There are other types of expenses not covered on this list. Workers’ compensation benefits are designed to address the major impact of a workplace injury. However, you may be able to claim other expenses if they are directly related to your accident.
The insurance company will offer you a settlement agreement. The agreement can take several forms, but the important thing is to make sure that it meets your needs. Because insurance companies might try to minimize payments, you may not be offered enough to cover all of your immediate and long-term expenses. Work with a lawyer to review the settlement agreement to make sure that you receive enough compensation to cover your expenses.
Reasons to Hire a Lawyer
The process of filing for workers’ compensation benefits can be difficult. There are companies that do not make the process easy and may try to stop you from collecting your benefits. In these cases, having a lawyer represent you means that there is someone who will look out for your best interest and be able to take legal action outside the normal processes to fight for you.
Your case will be handled by an insurance company that offers workers’ compensation insurance to your employer. Dealing with insurance companies can be tricky without the aid of a lawyer. At the very least, you have the option of discussing your case with legal representation before taking action.
Contact Us Today
Being injured at work can change your life, but workers’ compensation programs can help you get your life back on track. The insurance company pays a workers’ compensation settlement, which means that you might be able to negotiate with the insurance company to get the compensation that you need. Contact Ben Crump Law, PLLC at (800) 603-4224 to discuss your case during a free consultation.