This is a question I get frequently. Folks usually call me after they have been offered a workers’ compensation settlement by the insurance carrier and they want to know if the settlement offer is fair. The answer is not as black and white as you might think.
A workers’ compensation settlement is based on several different factors and how much the insurance company anticipates the claim will cost them in the future. Things like the injured worker’s average weekly wage, any permanent impairment of a limb of the injured worker, the cost of the injured worker’s proposed future medical treatment, and the injured worker’s ability to return to work all play a factor in the figuring of the full and final settlement amount. There is not really an “average” settlement for a claim, as each person has a different set of factors that have to be weighed into the equation.
I normally tell folks to consult with an attorney before agreeing to any settlement offer amount because figuring a settlement is a complicated legal analysis and, generally speaking, insurance companies are trying to save themselves money. I have never known an insurance company to offer an injured worker the full value of a claim.
The Injured Workers Law Firm is a Richmond, Virginia based firm solely focused on serving clients with workers’ compensation claims in Virginia. If you have questions about your benefits or if you would like more information on the Virginia workers’ compensation system, order our book here The Ultimate Guide to Workers’ Compensation in Virginia, or call our office today (804) 755-7755.