In 2019 alone, around 2.8 million people suffered a non-fatal injury while working. Of those cases, more than 880,000 of them resulted in the injured employee missing at least one day of work.
If you’re injured on the job, you have certain protections as an employee to help you regain lost compensation. If you’re at the start of filing a workman’s comp case, you need to know about the different types of settlements you might receive once your case is finished.
We’re here to help clear it all up for you.
Keep reading to learn more about different settlement types and what each one means for workman’s comp claims.
One common type of worker’s compensation payouts is a structured settlement. In short, it means you’ll agree on a compensation amount and receive it via small, repeating payments over a structured schedule.
Let’s say, for example, you fall at work and injure your back. This injury will keep you out of work for a significant period of time until you can get back on your feet.
So, you work with a lawyer who specializes in slip and fall cases, to help you get the compensation you deserve. Your lawyer may encourage you to take a structured settlement because you’ll receive ongoing payments. This can help you cover your bills while you’re out of work.
Lump Sum Settlements
When you choose a lump sum settlement, you’ll still come to an agreement on compensation. But then, you’ll receive the full amount of money all at once.
So, using the same example above, you’d receive one check and then nothing else, even if your back injury keeps you out of work for months or years.
Ultimately, you’ll get the full amount of your settlement with either option; it’s just a matter of when you choose to receive it.
Compromise and Release Settlements
The final type of worker’s compensation settlement is a compromise and release option. When you choose this settlement option, you agree that you won’t ask for additional compensation for your injury down the road.
This means that even if your settlement doesn’t cover all of your medical expenses, you can’t ask for more money from your employer. If you agree to this type of settlement, make sure you fully understand that you’re giving up your right to free medical care for your work injury in the future.
When you choose a compromise and release settlement, generally, you’ll receive your agreed-upon settlement in the form of a lump sum.
Understanding the Different Types of Settlements Is Key
If you’re injured on the job, your lawyer will help you decide between the types of settlements we discussed above and advise you on which one makes the most sense for your situation. By having a better idea of what each type means, you’ll feel more confident going into your case, knowing that you’ll get the compensation you deserve.
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