This is a question we are asked on an almost daily basis. Whether or not you should settle your workers compensation case is never an easy one to answer, however it is the one that comes up most often. Many employers and their insurance companies want to settle to make sure that they pay out as little money as possible, which always is a concern when it comes to you and your health. Other times, however, settling is best for your situation due to timing and the amount offered. Let’s go over some of the pros and cons to settling.
Settling in North Carolina workers compensation claims is often called “clinching”. This is when you accept an agreement for a certain amount of money due to your work related injury. Often, companies will offer you a large sum of money either in a structured settlement or a lump sum to cover all of your medical bills that you may receive for treatment. This means that you have the money you need and don’t need to worry about making sure you get that check every week from your claim.
While this may seem like a good idea, there are a few things that you need to think about. First of all, what happens if you happen to have a worse injury than you thought? If you have settled, you cannot submit another claim which means anything you did not receive money for will now have to be paid through your own insurance and out of pocket. Also, settling means that you cannot seek further compensation through another source such as Social Security or Medicare. The more severe the injury was, the worse a bad settlement will affect you.
Before you make a decision on settling your workers compensation claim, you should call into Collier Law Firm for your free consultation. It is almost inevitable that your employer and their insurance company will be conferring with their lawyer on how to best deal with your injury for their benefit, and you should certainly be doing the same. Being hurt at work is scary and stressful, so it would be better for you to have someone in your corner. Call Trey Collier today and see how much he can help.