Many injured workers don't realize that insurance companies often want to settle just as much as they do. Keeping a workers' compensation case open costs money, from medical bills and weekly benefits to legal fees. Understanding why insurers want to settle and when to negotiate can help you get a better deal. Let's get into it!
Every week your workers' compensation case stays open, the insurance company could be paying for disability checks, doctor's visits, physical therapy, prescriptions, and surgeries. For serious injuries, those expenses can continue for decades.
There are legal costs, too. Insurance companies pay attorneys to defend claims, along with the costs of medical exams, depositions, and hearings. Even fighting your claim costs them money.
Settling your case can help the insurance company avoid these ongoing expenses, limit what it pays in the future, and eliminate the risk of a judge ordering additional benefits or treatment.
The insurance company wants to close your case to avoid future costs, and you can use that to your advantage when negotiating.
One of your biggest advantages is timing. Once your doctor determines that your injury is permanent, but before a judge decides your level of disability, the insurance company still doesn't know exactly how much it could owe you. That uncertainty may make them willing to offer more to settle.
Your future medical needs matter, too. Surgeries, prescriptions, and ongoing treatment can add thousands to what the insurance company might have to pay. Even treatment you've decided to postpone can affect your settlement's value.
Your lawyer can also review your average weekly wage, medical records, and disability benefits to find money you might be owed. If the insurance company refuses to negotiate, your lawyer can keep the case moving through hearings and medical testimony, putting additional financial pressure on the insurer.
Deciding whether to settle your workers' compensation case isn't always easy, especially when you're not sure what to expect from the insurance company.
I'm Rex Zachofsky, and I've spent more than 17 years helping injured workers throughout New York understand their options. If you've received a settlement offer or just have questions about your case, I'm happy to talk things through with you.
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