Some workers’ compensation claims include lump sum settlements in St. Petersburg, Florida. Are you considering accepting a lump sum payment for your workers’ comp claim? If so, you should seek legal advice from an experienced St. Petersburg workers’ compensation attorney before signing any documents or accepting a lump sum settlement.
Lump sum settlement agreements can have serious consequences. The insurance company may offer a settlement to avoid paying the actual value of a work-related injury claim.
At Perenich, Caulfield, Avril & Noyes Personal Injury Lawyers, our St. Petersburg lump sum settlements lawyers have over 300 years of experience helping clients recover the benefits and compensation they deserve to get back on their feet.
Our legal team is dedicated to protect the legal rights of injured workers but also, of the victims who have been injured by a workplace accident, St. Petersburg construction incident, catastrophic injury, medical malpractice case, and more in Florida.
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How Our St. Petersburg Personal Injury Lawyers Can Help With Your Workers’ Compensation Claim
Our law firm has recovered over $675 million for our clients. We understand how a serious work-related injury can cause devastating financial losses for you and your family. To recover the compensation you deserve, you need to understand your legal rights regarding workers’ comp benefits, structured settlements, and lump sum settlements.
The settlement process for a workers’ comp claim can be complicated. Even though the claims process should be straightforward, many insurance carriers make receiving a fair settlement difficult for the injured worker.
That is when Perenich, Caulfield, Avril & Noyes Personal Injury Lawyers steps in to protect you from being taken advantage of by a large insurance company worried more about profits than the wellbeing of an injured worker.
When you hire one of our award-winning St. Petersburg workers’ compensation attorneys, you can expect us to:
- Advise you of your legal rights to workers’ comp benefits
- Handle all paperwork and communication with the insurance company
- Monitor the deadlines for filing lawsuits and claims
- Work with your physicians and medical experts to evaluate the severity of your work injury and obtain an accurate prognosis
- Negotiate with the insurance company for maximum financial compensation
Your future is too important to battle the insurance company alone. Call our law office to schedule an appointment with an experienced workers’ compensation lawyer in St. Petersburg, Florida. Your initial consultation is free of charge.
What Is a Workers’ Compensation Lump Sum Settlement?
Most workers in Florida are covered by workers’ compensation insurance. Generally, an injured worker can receive workers’ comp benefits for a workplace injury that include:
- Medical benefits – Payment of reasonable and necessary medical expenses
- Lost time benefits – Reimbursement for 2/3 of your average weekly wages if you are unable to work after a workplace accident
- Disability benefits if you sustain a permanent disability
- Death benefits for surviving family members
In most cases, an injured worker receives temporary disability benefits while out of work. The benefits do not compensate them for the entire amount of lost wages. The benefits end when they return to work.
However, workers who sustain permanent and total disabilities could be offered a lump sum settlement by the workers’ compensation insurance company. The settlement funds compensate the worker for all future payments for the permanent impairment.
Consider These Factors Before Accepting a Lump Sum Settlement in a Workers’ Compensation Case
An insurance company may rush to offer you a lump sum settlement for your claim. Before you accept the settlement offer, consider these important factors:
- Accepting a lump sum payment means you give up your right to seek additional compensation for your work injury.
- Have you reached maximum medical improvement (MMI) so you know the extent of your impairment?
- Could your condition potentially worsen over time, increasing the amount you need for personal and medical care?
- Will you be prohibited from working if you accept a lump sum settlement for a workers’ comp claim?
- Does the lump sum settlement offer compensate you fully for all damages, or are you receiving less money than you would if you continue receiving weekly benefits?
Accepting a lump sum settlement has several consequences that could impact your future quality of life. For example, accepting a lump sum payment releases the insurance company and your employer from future liability. If your condition worsens, you are responsible for any additional costs for treatment and care.
On the other hand, the settlement provides you with more immediate freedom. You do not need to continue treatment with a company-approved medical provider. You can invest your funds instead of living week-to-week as you wait for your weekly benefits check.
How Is the Amount of a Lump Sum Payment Determined?
The value of your workers’ comp settlement in Pinellas County depends on many factors, including:
- The severity of your injury
- The nature and extent of your permanent disability
- Whether you can work in any capacity to earn income
- The cost of future medical treatment, nursing care, and personal care
- The amount of any unpaid medical bills
- The opinions of medical experts and the strength of your evidence
- The amount of income you earned before the work injury
Having an experienced injury lawyer negotiate a settlement can ensure that the insurance company does not try to undervalue your claim. It also provides you with the peace of mind that you have a team protecting your best interests as they seek maximum compensation for a workers’ comp lump sum settlement.
Schedule a Free Consultation With Our St. Petersburg Lump Sum Settlements Lawyers
Workers’ comp insurance companies often try to convince injured employees to accept lowball settlements. Don’t accept a lump sum settlement offer for a work-related injury without legal advice. Our St. Petersburg lump sum settlements attorneys at Perenich, Caulfield, Avril & Noyes Personal Injury Lawyers are here to help you negotiate a fair deal.
Our personal injury law firm in St. Petersburg, FL also provides:
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