If you’ve been injured on the job, don’t be too quick to accept a settlement offer. After all, you may be navigating expensive medical costs that won’t be ending anytime soon.
You’ll need to account for all financial hardships, including lost wages, and understand how much compensation you need to cover incurred damages. Arriving at a fair settlement may take additional evidence and negotiations, but the extra time may be worth it.
Keep reading to learn the essential questions employees should be asking before accepting a settlement offer.
What Will My Earnings Look Like in the Future?
After an injury, you might not be able to do your job at the same level as you previously had. As a result, you could be forced to work part-time or take a demotion. In those situations, a settlement should cover reduced earning potential or costs associated with training for a new role.
You may even need to reroute to a new industry and undergo more extensive training to land a new position. And if you’re missing a lot of work, even if you can return to your original job eventually, a settlement should cover lost wages.
Does the Settlement Account for All Medical Expenses?
An injury can come with the need for ongoing medical care. For instance, while surgery could help a bone fracture, you may need rehabilitation for weeks or months afterwards. Or if you injured your back, you may need to seek physical therapy treatment to keep the pain at bay.
While a settlement offer could cover your immediate hospital bills, that might not be enough. Make sure to consult with your doctor to understand the long-term implications of an injury before agreeing to a settlement.
What Do Legal Experts Think of the Offer?
Always consult with legal experts before accepting any settlement. And seek out attorneys focused on injury settlements since they will have the expertise to know how to evaluate an offer. They will look for evidence that the offer addresses future damages, property damages, lost wages, and all medical expenses.
They’ll also know how the severity of an injury and the client’s existing financial situation should impact the compensation offer amount. If the offer falls short, you can count on skilled attorneys to help negotiate better terms so you get the compensation you need to move forward with your life.
What Does the Fine Print Say?
Unless you have a legal background, you may not notice or understand some of the critical legal language embedded within an offer. For instance, many agreements contain clauses that waive an employee’s right to seek further claims.
You don’t want to end up in a situation where you are prevented from seeking the full extent of compensation you deserve due to restrictions mentioned in the agreement. Prior to signing, work with the top Phoenix personal injury lawyers for help unpacking everything that’s detailed in clauses. You don’t want to be surprised.
Have I Accounted for Emotional Distress?
Yes, lost wages and medical bills are the top source of financial pain after an injury. But you endure emotional pain, as well. When you can’t work, you could suffer a diminished quality of life.
You may deal with depression or anxiety, or trauma from reliving the accident. While these damages are harder to assign a monetary value, they are important. A comprehensive settlement should include these elements in the outlined compensation.
What If I Experience Future Complications?
You may feel fine for a few weeks after an injury has been treated before feeling deeper, more problematic effects. You need to know what will happen if you accept a settlement and then experience complications. It’s wise to design a settlement with the potential for complications in mind.
For instance, some knee injuries may trigger mobility problems that require therapy. And tears to the rotator cuff can cause ongoing shoulder issues. Talk with a medical expert to help gauge potential risks and future costs.
Will the Settlement Raise My Taxes?
No one wants to pay higher taxes. But in an injury case, you can’t always assume that settlement funds are tax-free. In general, compensation for medical expenses is typically not taxed. Lost wages, however, could be. Don’t run the risk of running up a higher bill during tax season that hurts your budget. Consult with a tax professional first so you know what to expect.
How Does the Offer Compare to Similar Scenarios?
Look to similar cases from the past as a good barometer when you’re trying to understand if an offer is reasonable. Evaluating precedents or reaching out to a legal team can help determine whether the settlement aligns with industry standards. After doing research, you may discover that negotiating for a higher number makes sense given previous cases.
Could I Ever Pursue More Legal Action?
Once a settlement is accepted, you may not be permitted to pursue further legal claims against an employer. Consequently, any future issues that stem from an injury might fall on your shoulders.
Spend time carefully evaluating whether the settlement amount is enough to make the prospect of waiving all future claims agreeable. Work with a personal injury lawyer before signing a settlement to understand where you stand.
What If I Reject the Settlement?
Sometimes a settlement just doesn’t seem like it’s fair. You may be able to try renegotiating or look into litigation. But it’s smart to know whether these options are even a possibility, and whether they’re worth attempting. In some cases, proceeding with a lawsuit can yield a better financial outcome.
At the same time, this process carries risks and you’ll spend more time than you may prefer attending to the case. You’ll also deal with possible emotional side effects from engaging with a difficult time in your life for a prolonged period. Be sure to weigh your options carefully before deciding to accept or reject a settlement offer.
Ask the Right Questions
When you’re trying to move on after an injury, settlements provide a quick solution and instant financial help. Even so, settlement amounts aren’t always enough to cover the scope of what you’ve faced with an injury.
You need to ask the right questions to decide whether seeking a higher compensation amount is necessary. Work with seasoned legal experts with the personal injury expertise to make a fair assessment.
That way, you can be confident that you’re getting the coverage for damages that can help keep your future on track.
