In Connecticut, you and your employer’s workers comp insurance carrier have the option of settling or closing out your claim. Typically, a workers compensation settlement in Waterbury is a one-time lump sum payment. In exchange for the settlement, you give up the right of further benefits, including medical bill payment. The Nicholas Law Firm, LLC represents CT clients in workers compensation settlements.

What is Your Workers Compensation Claim in CT Worth?

Every case is different and has its unique set of circumstances, so giving a definitive value to a case is difficult without all of your information. An experienced workers comp attorney reviews the facts of your case to give you an estimate of your claim’s worth. Both you and the insurance company must examine factors to determine if settling is the best option.

Factors an insurance company considers:

• The amount it is likely to spend on your claim in the future
• The likelihood of your needing surgery in the future
• The likelihood of a period of total disability in the future
• Whether future wage loss directly relates to your claim

Factors you should consider:

• Your potential future medical costs
• Your potential of being disabled in the future due to your injury
• Any unpaid benefits still owed
• Your earning potential prior to the injury
• Your current earning potential

Waterbury Workers Compensation Settlement Process

If you and the insurance carrier can reach a lump sum settlement amount, an agreement is drawn up, signed, and submitted to the Workers Compensation Commissioner office.

A hearing is conducted in which you are asked if you understand the benefits you are relinquishing by accepting a workers compensation settlement in Waterbury. If the commissioner believes you understand the agreement and the settlement amount is equitable, the stipulation is approved.

It is important to note that once a stipulation to settlement is approved, it is nearly impossible to re-open a workers comp case. Therefore, it is wise not to rush into a Waterbury workers compensation settlement until you have completely weighed the pros and cons of your case.

Understanding the Advantages and Disadvantages

Deciding to settle your workers comp case requires understanding the advantages and disadvantages and an experienced attorney can help you make that determination. Contact The Nicholas Law Firm, LLC online or call 866-471-5194 to schedule a free consultation.