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Ays will solve a workers’ comp case via settlement. One is called a Compromise & Release settlement, and the other is a settlement by Stipulations.
But what you (and most clients) wonder is: When should I accept a compensation? Settlements can be provided within a week, three months, or two years; it all depends on several factors, which we will discuss below.
Permanent and Stationary Status
If you reach the status P&S or Maximal Medical Improvement (MMI), you will get it by the insurance company.
P&S means that the doctors consider you to have reached a medical plateau. In other words, you have improved as much as you can, and there is nothing else they can do to improve your medical condition.
Commonly, at this status, you are offered a settlement by the insurance company.
Insurance Denies Liability
Many settlements occur when a heatedly disputed issue can make or break a case. It could mean they denied the case, and going to trial would be the next step. The trial could be about whether the injury happened, the statute limitation has been reached, or other reasons why the insurance has denied liability for the case. There is a lot at stake, so this is when lawyers usually talk about a settlement.
You Can Settle at Any Time
The settlement can happen at any moment throughout the case. It depends on whether the insurance company considers that they have any financial liability. If the insurance company feels they need to offer you money to make you step back, the chances of a settlement will increase.
When Should I Accept a Settlement?
Ultimately, the decision is yours. However, it typically depends on the amount the insurance company offers. You must consider if this amount is worth it for you to be risk-averse or risk-tolerant. You can accept the offer or decline it. Then, you can go forward with your case. But anything could happen, so you might end up with a smaller amount or nothing.
Besides, the decision depends on whether you are getting a fair shake and will have the means to take care of you after the settlement. This factor plays a part in accepting this agreement and walking away from the case.
Conclusion
Every case is different because there are too many factors to consider, and the offering could happen at any moment. What matters most is that you are getting the best values possible at the time of the settlement. That is why you must have a counsel to get your outcome.
Pacific Workers', The Lawyers for Injured Workers, is Northern California's Premier Workers' Compensation Law Firm. Representing First Responders, Health Care Workers, Construction Workers, Delivery Workers, Warehouse Workers, and all the hard-working people who keep our community moving in their Fight for Justice against the Insurance Companies.
With over 250+ Five-Star Reviews, an incredible staff of caring, well-trained, advanced technology for superior client communication, a track record of an over 98%-win rate, and giving back to our community through the Pacific Workers' Foundation. It is easy to see why Pacific Workers' is the go-to law firm for all injured workers in Northern California. Offices in Oakland, Concord, Stockton, Tracy, San Jose, and Sacramento.
If you or a loved one needs help, call us at 888-740-6434.
About the author
Bilal Kassem President and Co-founder
Introducing Bilal Kassem, the visionary leader of Pacific Workers. His unwavering commitment to excellence, empowering others at the core of our organization. With a flair for creativity, Bilal infuses fresh ideas into every initiative we take.
Drawing inspiration from captivating stories like “Goosebumps”, he guides our team with determination. Beyond his professional endeavors, Bilal embraces the great outdoors. As a result, relishing adventures such as backpacking and exploring uncharted territories. Sushi is his preferred treat, nourishing both his body and spirit.
In his free time, he enjoys hitting the gym and indulging in blockbuster films. Also, he finds motivation in the legacies of historical figures like George Patton. By leading with empathy, Bilal fosters a supportive atmosphere. This is why every team member feels empowered to excel.