If you got hurt at work, you might be wondering how to figure out how much your workers’ compensation settlement will be. The answer is that it depends on a number of things, like how bad your injuries are, where you live, and the laws about workers’ compensation in your state.
This blog will give you a general idea of how to figure out how much your workers’ compensation settlement will be:
What Is A Workers’ Compensation Settlement?
If you have been injured on the job, you may be curious about what a workers’ compensation settlement is and how it operates. An agreement between you and your employer that resolves your workers’ compensation claim is a workers’ compensation settlement. Typically, the settlement consists of a lump sum payment in exchange for your promise not to sue your employer for your injuries.
Workers’ compensation settlements can be a great way to receive compensation for your injuries without having to go to court. However, it is essential that you comprehend the terms of the settlement before signing anything. Before agreeing to a settlement, you should consult with a skilled workers’ compensation attorney.
How Is a Workers’ Compensation Settlement Calculated?
When determining a workers’ compensation settlement, several factors are considered. These include the severity of the injury, the length of time the employee is expected to be out of work, the employee’s age, and the type of work the employee performs.
- The severity of the injury is the primary factor to be considered. The settlement amount will increase proportionally to the severity of the injury. This is due to the likelihood that the employee will be out of work longer and have a more difficult time returning to work.
- The second factor is the employee’s expected time off. The compensation will be increased if the worker is expected to be out of work for an extended period. This is since the employee will lose a substantial amount of income during this time.
- The age of the employee is the third factor considered. If the worker is young, the compensation will be increased. This is due to the fact that the employee will have a more difficult time returning to work and will likely lose a substantial amount of income.
- The type of work performed by the employee is the fourth consideration. The compensation will be increased if the worker’s job is physically demanding. This is because the employee will have a more difficult time returning to work and may need to find a less physically demanding position.
Following consideration of these factors, the workers’ compensation settlement will be determined. The settlement will consist of a lump sum payment in exchange for the employee’s promise not to sue the employer for work-related injuries.
San Gabriel Valley is a California-wide workers’ compensation law firm representing injured workers. We recognize that sustaining a workplace injury can be a stressful and overwhelming experience. We are here to assist you in navigating the workers’ compensation system to obtain the proper compensation. Contact us today at (626) 602-9483 for a complimentary consultation.