What Factors Contribute to Workers’ Comp Settlements?
Posted on: May 18, 2016 by iSure
Contrary to popular belief, a Miami Workers’ Compensation claim settlement doesn’t only include the point of injury to the end of medical treatment. In fact, many fail to acknowledge the negotiation tactics and claim strategies when determining the settlement value of a claim. Therefore, let us take a closer look at the other factors that contribute to workers’ compensation claim settlements.
According to an article in AMAXX, there are several factors that can contribute to Workers’ Comp settlements. Here are a few:
Time is money.
When an employee gets injured, it is important to start working on the claim immediately- don’t wait days or weeks. By being prompt, adjusters can interview witnesses, get testimonies, investigate the accident, and determine the compensability of the injury. Furthermore, medical professionals can be assigned and treatment can begin.
Follow up with settlement negotiations after the injury.
Maintain ongoing contact with the employee and their medical providers. Follow up with them to determine when the employee can return back to work. This medical management should be integrated into the claims management activities.
Consider some final factors.
A few things the adjuster should consider are the jurisdictional requirements, the value of any offsets, the value of future medical treatment, the cost of vocational training if needed, etc. This can add up so discuss any and all further costs that might be associated with recovery with the adjuster.
At iSure Brokers, we want to ensure your business is properly equipped with workers’ compensation coverage. Our expertly crafted packages seek to protect a variety of industries with comprehensive policies. To learn more about our products, contact our experts today at (855) 381-6123.