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What is the Average Workers’ Compensation Settlement?

Submitted by rsg on Fri, 06/05/2020 - 15:09

Not only can a workplace injury cause physical or emotional pain, but it can leave you with large medical bills. You may be unable to work for weeks, or even months, after your injury. This can add to your new financial strain, making it difficult to pay your bills. Fortunately, you may be able to file a claim for workers’ compensation.

When filing a claim, you may be wondering what the average workers’ compensation claim settlement. Workers’ compensation settlements vary on a case by case basis. Some settlements may be $2,000 while others may be upwards of $40,000.

Calculating a Workers’ Compensation Settlement

Every workers’ compensation claim is different. This is due to the different factors that go into calculating your claim. These factors include:

  • Injuries: The extent of your injury will influence your workers’ compensation settlement. Those with a sprained ankle will likely have less in medical bills than someone who suffered third degree burns. Your hospital bills, medication costs, etc. will all be factored into your settlement.
  • Future Medical Costs: If your workplace injury requires future surgeries or treatments like physical therapy, these can be taken into consideration when calculating your settlement.
  • Vocational Training: Sometimes injuries require you to learn a new type of work or be retained for your previous position. Costs for this training can be included in your settlement.
  • Missed Wages: After your workplace accident, your injury may cause you to miss work. Any wages you miss, including future wages that may be missed, will be factored in. Typically, this will be calculated at 2/3rds of your weekly wage.
  • Disability: If you were permanently or partially disabled from your workplace injury, you may be able to receive permanent partial disability benefits through your workers’ compensation settlement.
  • Evidence: If you do not have enough evidence to prove the severity of the injury, then it may be more difficult to negotiate a higher settlement. With more evidence proving your financial needs, you may find that you can negotiate for a larger settlement.

Factors to Consider When Settling

Along with the above list, when you are in the process of settling your workers’ compensation claim, there are other factors you may want to consider. First, you want to consider if your settlement is open or closed. A closed will mean you cannot have future medical costs paid for that were not already included in the settlement.

You will also want to consider attorney fees. Most workers’ compensation attorneys are paid on contingency basis. You won’t have to pay for the legal assistance up front, but you lawyer will take a percentage of your settlement as payment. With help from a lawyer, your settlement may be higher. Though you will have to pay a fee, a lawyer’s help can be the difference between receiving a settlement you deserve vs receiving a low settlement suggested by insurance.

Getting Help With Your Settlement

Attempting to settle with a workers’ compensation insurer by yourself can be difficult. You may find that you are not awarded a settlement that accurately represents your injury and financial needs. Because of this, you may want to consider filling out the Free Case Evaluation above.

The Free Case Evaluation on this page can connect you with a workers’ compensation lawyer that takes cases in your area. With the help of an attorney, you may be able negotiate a settlement higher settlement.

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