Workplace injuries are a fact of life. No matter how safe one’s place of work is, a workplace injury is bound to happen, eventually. Even a mundane office environment can have its own safety issues, like appliances malfunctioning or falling and trips and falls. Remember, vending machines kill a lot of people every year. Indeed, according to the U.S. Bureau of Labor Statistics, there were approximately 3 million nonfatal workplace injuries in 2019. And, when one is involved in one, a workers’ compensation settlement is a possibility.
How do they work?
For background, when a workers’ compensation insurance claim is filed, the insurance carrier pays all of the worker's lost wages, rehabilitation expenses, and medical expenses. Though, the employee has options. They can choose to accept these payments, or they can hire an attorney to workout a worker’s compensation settlement that may be larger than if those payments were paid out over time.
Workers’ compensation versus a settlement
Normally, the workers’ compensation insurance carrier only pays for the hard costs associated with the injury, like the medical bills actually incurred, not, necessarily, those medical bills in the future. For a settlement though, the future incurred expenses are factored in, including healthcare fees and household costs. It will also include attorney fees, lost wages and future, anticipated lost wages, ambulance rides, disability payments, etc.
The takeaway
For Freehold, New Jersey, residents, the key takeaway is that there are options after one is injured at work. This can be a simple workers’ compensation claim or a settlement, but it may be a good idea to consult an expert.