Pros and Cons of Workers’ Comp Settlements 

Workers’ comp is insurance that just about every employer in the United States is legally obligated to have. Workers’ comp protects employees if they get injured while working on the job. Many things need to be considered when deciding whether to accept a workers’ comp settlement offer. Talking to a Virginia Beach workers’ comp lawyer can help you ensure that you fully understand the settlement offer before making any decisions. 

What are the pros and cons of workers’ comp settlements? 

When deciding whether to accept a workers’ comp settlement offer, many pros and cons must be considered. Some of the major pros and cons of workers’ comp settlements are: 

Pro: the settlement puts an end to your case 

Many workers’ comp cases can take months or even years to resolve. If your case has been going on for a long time, you may be ready to resolve it and end it. If you are tired of fighting, you can accept the settlement offer, which will end your case, especially if you have reached maximum medical improvement (MMI) or returned to work. 

Con: it can cause you to give up your rights 

Ending your case by accepting a settlement offer means giving up certain legal rights. You give up the right to ask for more benefits in the future. In some cases, you may also give up the right to receive medical treatments that are not explicitly stated in your settlement agreements. 

Pro: you can receive a Lump Sum amount of money for your recovery 

Accepting a settlement offer can help you receive a lump sum of money, which you can use to receive surgery or medical treatments. 

Con: you may not be able to cover future expenses 

The downfall of lump sum payments is that they may not be able to cover unforeseen medical complications that may arise in the future. The lump sum money will run out, and the insurance company will not be obligated to pay you anything more, even if you still need medical care. 

Schedule a consultation with an attorney today 

If you have been involved in a workplace accident or have sustained an injury on the job, you should know that you are eligible for compensation. There are laws and regulations to protect employees injured in the workplace, and you can receive this compensation through workers’ comp benefits. Getting the help of an experienced workers’ comp attorney can help you avoid mistakes and ensure your claim’s success. 

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