Workers’ compensation is a valuable tool that an injured employee can use for financial relief after suffering a work-related accident. While it can be helpful, many people also want to put the matter behind them as quickly as possible. The easiest way to do that is by settling the workers’ compensation claim in Elgin. A trusted workers’ compensation attorney could help you figure out the best settlement for your particular situation.
What is a Workers’ Compensation Settlement?
An insured employer or respondent can decide to resolve the claim of permanent partial disability benefits by offering a lump sum settlement amount of money to the injured employee. The plaintiff’s attorney and the defendant’s attorney (or an insurance adjuster) get together to discuss how much of a settlement to offer. The two can go back and forth making offers and counter-offers that they believe the other will take. When both sides come to an agreement on a fair payout, the injured worker gets the final approval. After the check is sent, the matter is closed and the worker can no longer sue for that particular incident. Settlements for workers’ compensation claims in Elgin are common occurrences.
Deciding When to Settle
Just about every injured employee should look into agreeing to a workers’ compensation settlement, assuming the offer from the defense is reasonable. If they are not going to pay a fair settlement, then the case will likely go to trial. Injured employees should not forego filing or settling a suit simply to maintain a relationship with their employer. By law, employers cannot take any kind of retaliatory action against an injured worker who files a workers’ comp claim or takes a settlement.
It is important for a worker to ensure that the settlement will cover all of their medical bills and that there is language in the agreement that covers them in the event that a bill did not get paid.
Determining a Settlement Amount
While it might seem like a difficult task, there is a formula for calculating settlement amounts in a local workers’ comp claim. Illinois follows the rule of the average weekly wage. This refers to the average amount of money that a worker earned per week at the job in question, going back one year. In determining a settlement, the parties operate using about 60 percent of that number. For example, if the worker made $1,000 a week, then the multiplier is going to be $600.
After calculating the multiplier, every injured body part is tallied up: leg, arm, finger, toe, et cetera, to determine the permanent partial disability. There is also a label known as “man as a whole” which refers to the head, torso, back, and shoulder, among others, that counts as one body part for purposes of counting disability.
Each type of injury has a disability rating, wherein the law puts certain injuries at certain classifications and multiplies the number of weeks by the 60 percent of their average weekly wage. The number that this calculation comes up with will usually be the settlement value. An injured worker’s lawyer could use this calculation to determine what an injury should be worth and use that to negotiate with the defense team during settlement discussions.
Discuss Settlements in an Elgin Workers’ Compensation Claim with an Attorney
Settling a workplace injury claim requires skill and knowledge of the law. This is especially true when calculating the value for each injured body part and the average weekly wage. Reach out to a lawyer for guidance in managing a settlement for an Elgin workers’ compensation claim.