When it comes to workers’ compensation settlements, it is crucial to seek legal counsel before signing any documents. Once you write your signature, the deal is final, and you will receive the amount stated in the contract. Before making such an important decision, you should ensure the settlement is equitable and fairly reflects what you are entitled to.
When your employer and their insurance company offer to enter settlement negotiations after an on-the-job injury, talk to a skilled attorney. The Kryder Law Group could help navigate workers’ compensation settlements in Elk Grove Village and protect your best interests throughout the process.
The Benefits and Downsides of Workers’ Compensation Settlements
There are upsides and downsides to accepting a settlement in a workers’ compensation case. Concessions are usually offered in one large payment (lump sum) or gradual payment (systematic settlement). The benefits of settling a workers’ comp case include the following:
- Quick access to financial resources either through a large sum paid all at once or monthly payments per the length of the contract
- Decreased expenses associated with filing a claim
- Mediated settlement negotiations focus on achieving a deal, not necessarily on which party wins
However, accepting a settlement can also come with potential downsides:
- Agreeing on an amount before having a precise estimate of your total medical bills
- Being taken advantage of without representation from an attorney
- Being rushed without fully comprehending the consequences of an unfavorable settlement
Employers and their insurance providers may pressure workers into taking the first deal thrown their way. Injured workers deserve legal representation from our Elk Grove Village attorneys to ensure fair workers’ comp settlements. Our lawyers could advocate for favorable terms in the settlement agreement and allow payments to increase if a worker’s healthcare debt increases.
The Key to a Successful Workers’ Comp Settlement Negotiation
The keys to successful workers’ compensation settlement negotiation are preparation and knowing how to work to reach a deal. Preparation means laying out all the details of your injuries in writing, including the nature and potential length of treatment, the unknowns and test results you are waiting on, specific details of the accident, and witness statements. You will also need to compile information on your length of employment and your past and future injury-related expenses.
Our Elk Grove Village lawyers are skilled at negotiating or appealing workers’ compensation settlements and protecting injured people’s rights. We could work to maximize your settlement, stand up to the insurers, and preserve your best interests. Without legal representation, the insurance company may try to take advantage of you and offer less compensation than you deserve. Protect yourself and your family by speaking with experienced legal counsel.
Contact a Workers’ Compensation Settlement Lawyer in Elk Grove Village
After a workplace accident, you and your family may be desperate to get the payments you need for your medical bills and other expenses. You may be tempted to take the first offer from your employer and their insurance company. However, this can mean missing out on much-needed compensation.
Talk to a seasoned attorney about your situation to learn the true value of your claim. Having legal representation during workers’ compensation settlements in Elk Grove Village can make all the difference in the outcome of your case. Call the Kryder Law Group today to discuss your situation with a skilled member of our team.