How Much is My Workers' Compensation Claim Worth?
Wondering How Much You Could Settle Your Workers' Compensation Claim For?
This is a difficult question and the answer definitely is different for every case. But, there are a few ways that the value of a case can be broken down.
First, it is important to remember that no one (not the injured worker or the insurance company) has to settle. It is always an option but never a right. However, it is common for insurers to be willing to settle a claim. Settlement ends a claim quickly and reduces future exposure for an insurance company and is attractive to them for those reasons.
Second, a settlement has to have value for both parties. In other words, it is worth it to both the injured worker and the insurance company. It is usually worth it to the insurance company because they get to close a file (stop processing the claim), pay a finite amount and not risk any further litigation. It is worth it to the injured worker because they get a lump sum dollar amount, the amount is guaranteed, and there is no risk of losing the claim completely with litigation. Also, settlements in Oregon workers' compensation cases are not taxed so it is a good way for an injured worked to get a lump sum of money without having to worry about saving part of it for taxes. Keep in mind these are general scenarios and each case has different factors that come into play.
Finally, the value of a settlement is generally less than the insurer's exposure (i.e., how much they might have to pay over the lifetime of the workers' comp claim). The value is also usually a little more than the injured worker would receive in terms of a dollar amount. For example, an injured worker with an accepted claim would get time loss, but they would not receive the dollar amount for the medical payments,etc. Whereas, if the injured worker settled, the lump sum would include those amounts.
Here is more info on the types of workers' compensation settlements: Oregon Workers' Compensation Settlements
Do I Need a Lawyer to Settle My Workers' Compensation Case?
Yes, If you wish to try to settle your workers' compensation case, you will want a workers' compensation lawyer to help you.
If you have any questions or want to talk to a lawyer about settling your workers' compensation case, feel free to call anytime for a free consultation. (503) 975-5535
This is a difficult question and the answer definitely is different for every case. But, there are a few ways that the value of a case can be broken down.
First, it is important to remember that no one (not the injured worker or the insurance company) has to settle. It is always an option but never a right. However, it is common for insurers to be willing to settle a claim. Settlement ends a claim quickly and reduces future exposure for an insurance company and is attractive to them for those reasons.
Second, a settlement has to have value for both parties. In other words, it is worth it to both the injured worker and the insurance company. It is usually worth it to the insurance company because they get to close a file (stop processing the claim), pay a finite amount and not risk any further litigation. It is worth it to the injured worker because they get a lump sum dollar amount, the amount is guaranteed, and there is no risk of losing the claim completely with litigation. Also, settlements in Oregon workers' compensation cases are not taxed so it is a good way for an injured worked to get a lump sum of money without having to worry about saving part of it for taxes. Keep in mind these are general scenarios and each case has different factors that come into play.
Finally, the value of a settlement is generally less than the insurer's exposure (i.e., how much they might have to pay over the lifetime of the workers' comp claim). The value is also usually a little more than the injured worker would receive in terms of a dollar amount. For example, an injured worker with an accepted claim would get time loss, but they would not receive the dollar amount for the medical payments,etc. Whereas, if the injured worker settled, the lump sum would include those amounts.
Here is more info on the types of workers' compensation settlements: Oregon Workers' Compensation Settlements
Do I Need a Lawyer to Settle My Workers' Compensation Case?
Yes, If you wish to try to settle your workers' compensation case, you will want a workers' compensation lawyer to help you.
If you have any questions or want to talk to a lawyer about settling your workers' compensation case, feel free to call anytime for a free consultation. (503) 975-5535
Comments
Post a Comment