If you injure yourself on the job and are unable to work, whether the injury is temporary or permanent, you have the right to collect workers’ comp insurance. In California, you have the right to negotiate a lump sum settlement rather than receiving weekly permanent disability payments. Sometimes a structured settlement is your best recourse. The laws are tricky, and you need to make sure that you don’t give up any of your rights.
Should You Accept a Settlement Offer?
The insurance company is always going to throw some offers to you, but is it in your best interest to accept? Once you accept, there is no turning back. There are pros and cons to accepting a settlement, but do you really know what they are or what to consider now that can affect your future?
If you accept a settlement, you avoid a trial, which is good since trials can take very long to get to. When you do make it to trial, you could get less than what was initially offered. On the other hand, if you may require future surgeries or medical treatments for your injury, you may want to reconsider a settlement, as you will waive your right to that, and your health insurance probably won’t cover it either.
The degree of your disability plays a huge role in how much the insurance company will offer you. Your percentage of disability is factored into a formula that is converted into a monetary amount. This is a venture that should not be handled without the expertise of a qualified California attorney who knows the workers’ comp law.
Protecting Your Financial and Legal Interests
Before agreeing to any settlement, consider unpaid medical bills, future treatment costs, medications, and other anticipated expenses. Settlement agreements contain detailed legal language that can be difficult to interpret without guidance. An experienced California workers’ compensation attorney can review the terms, protect your rights, and negotiate for a higher settlement than you may be able to secure on your own.