What Is the Average Workers' Comp Settlement? | Michael Kelly Injury Lawyers

Most workers have been injured at least once while carrying out their job duties. According to recent statistics, every 2.4 workers out of 100 get hurt at work on a daily basis across the country. While some traumas are minor and don’t pose a serious threat, some workplace injuries may lead to temporary partial disability or more significant consequences that require a fair compensation settlement.

If you or one of your family members has been in a workplace accident and suffered injuries that severely impacted your life, you must be aware of your rights. Today, our team of experienced attorneys will dwell on the intricacies of the average workers’ compensation settlement to point you in the right direction!

What Is a Workers Compensation Settlement?

A workers comp settlement is a financial pact between the employer, or rather their insurance company, and the employee. According to this agreement, if or when you sustain a workplace injury, you can claim a stated amount of money to cover your medical expenses or lost wages that are a direct consequence of your trauma.

Most workers’ compensation settlements come as a lump sum settlement, but there may be instances when you get the money issued in structured payments. When an employee signs such an agreement, they admit that no future workers’ compensation claims will be filed.

What Is the Average Workers’ Compensation Settlement Amount?

One of the most common questions that Michael Kelly attorneys get is, “How much compensation can I count on?” There isn’t a one-size-fits-all answer to that since multiple factors affect the settlement amounts employees receive after a work injury. However, national averages of all claims for 2021-2022 made approximately $44K.

Usually, the potential settlement varies between $2000 and $40,000. The minor the injury, the lower the payouts are, and vice versa. It’s only fair to mention that every state has its laws and regulations applied to a lump sum settlement that a worker may be entitled to.

For instance, states like Iowa, Washington, Illinois, and Massachusetts are among the states with the highest workers’ compensation benefits. Their weekly wages are $2274, $2228, $1908, and $1796, correspondingly. At the same time, Louisiana, Indiana, and Arizona have the lowest workers’ compensation benefits—$816, $828, and $871.

You must remember that agreeing to even the highest workers comp benefits may not always be your best bet. Sometimes, the average workers’ compensation settlement does not cover the losses sustained. It is always a good idea to consult with professional workers’ compensation lawyers to make sure that your case is rightfully compensated.

Main Factors that Can Affect Your Average Workers Compensation Settlement

All workers’ compensation settlements are pre-calculated by the insurance company responsible for workplace injury coverage. Multiple factors will contribute to the amount of money you will receive.

The severity of the injury: The more serious the trauma you sustain, the higher will be the settlement you can claim. Long-term impairment or permanent disability requires ongoing medical care, lengthy rehabilitation, and various personal needs that will cost you additionally.
Body parts injured: Every state has a separate evaluation of different body parts injured in a work incident. Multiple traumas will require more complex calculations on the insurance company’s part.
Disability rating: Every type of impairment has an assigned rating that will impact the scale of financial support you will receive. For instance, partial disability benefits will be lower than total disability settlements. The same goes for temporary impairment as opposed to permanent disability settlements.
State regulations: Every state abides by local laws that define the amount of potential wage replacement benefits. You can consult state-based workers’ compensation attorneys to learn precise calculations in your area.
Future needs: If your trauma indicates that there’s a chance of future medical expenses, vocational rehabilitation, retraining, recertification, or change of the overall profession to cover, it will affect your average workers’ comp settlement.

Keep in mind that an insurance company will try to provide as minimal a settlement as possible, so to make sure that you don’t lose anything in the process, you may want to include an experienced workers’ compensation attorney in it.

Main Damages You Can Recover in a Workers Compensation Claim

Many workers’ compensation settlements are aimed at providing additional financial assistance to people who got hurt on duty. Usually, there are three main types of damages you can claim for:

Medical expenses

Past and future medical care costs are a part of the average workers’ compensation settlement. All medical bills, including but not limited to medication, surgery costs, physical therapy, and potential complications can be recovered.
Lost wages

Loss of earning capacity due to workplace injury plays a significant role in the estimation of an average settlement an employee can recover. The lengthier the recovery, the higher the compensation rate. You can expect to claim a certain percentage of your average weekly wage.
Death benefits

If a work accident has led to the death of an employee, surviving family members can claim at least a part of funeral-related expenses. In some cases, the damages may expand to a portion of the lost wages of the deceased, too.

The average workers’ compensation settlement does not cover non-economical damages such as PTSD, emotional distress, loss of joy in life due to permanent disfigurement, or any other subsequent condition. However, a qualified workers’ compensation attorney can help you file a workers’ compensation claim that will result in a fair settlement that you deserve.

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Which Benefits Can Decide Your Workers’ Compensation Settlement?

Very often, average workers’ compensation settlements depend a lot on the employee’s benefits that the employer offers. However, not everyone is equally aware of how valuable these benefits can be. The more benefits you can claim, the higher your compensation will be.

In case you have a vague idea of what the company owes you, you can reach out to professional workers’ comp lawyers for legal advice on the matter. The legal representative will assess the scope of sustained injuries and compare them with the benefits offered so that you don’t leave any money on the table.

Wage Replacement

The primary benefit that affects your average workers’ compensation settlement is the percentage of your pre-injury wages. Since you can’t perform your duties, partially or entirely, the income replacement benefit will help you ease the pressure of piling living and other expenses. The portion of your weekly wages that you can claim will depend on the severity of your case. The more serious the injuries, the higher the percentage.

If you can’t return to work while you recover, you can claim the Temporary Total Disability benefit. However, if you can partially perform your regular duties, then supplementary earnings will be added to your income.

Medical Benefits

No injured victim has to deal with the pressure of piling medical bills. That is why medical expenses are another significant part of most workers’ compensation benefits. In some cases, the employer can pick a medical professional to attend to your injuries. However, after the initial examination, you can choose the doctor you believe will ensure the speediest recovery.

Medical benefits cover most medical costs, including but not limited to your hospital visits or stays, prescriptions, medical manipulations, and ongoing care until you reach maximum medical improvement. Severe injuries imply higher medical expenses. So, you should calculate those precisely. Don’t settle for a minimal deal until you are fully aware of future medical care costs.

Vocational Rehabilitation

All workers’ compensation cases are different since some injuries may result in a temporary total disability, while others are as serious as permanent total disability. If you can’t perform your duties to the fullest, the vocational rehabilitation workers’ compensation benefits will cover the costs of additional certification, rehabilitation, or training.

In cases when your professional capacity is fully compromised, the benefit will help the injured employee master a new skill or specialty to regain their independence and build a new career.

Other Workers Compensation Benefits

There are a few additional benefits that the average workers’ compensation settlement may include. Suppose the injured worker dies from the sustained trauma at the workplace or the illness inflicted by the working conditions. In that case, their close relatives can claim a fair settlement for burial expenses or the dependent’s benefits. Usually, the other benefits cover two-thirds of the lost wages of the deceased, but the regulations may vary from state to state.

How Can a Workers Compensation Lawyer Help You?

Every workers’ compensation case is unique and complex in its way. The moment you get hurt, it seems impossible to bear the pressure of upcoming expenses, and the compensation offered sounds like a fair settlement at the time. However, you should keep in mind that every insurance company has a team of legal assistants who help them come up with a reimbursement that costs them a bare minimum.

Whether you deal with a partial disability or total disability, siding with a professional workers’ compensation lawyer is your best chance to get rightful compensation that covers your past and future needs. A skilled attorney knows all the ins and outs of the local law system so that no one would dare take advantage of your workers’ compensation claim.

Your legal assistant will help you gather necessary evidence, investigate the accident, and complete all the paperwork required. They will rid you of the hassle of insurance company negotiations and other stressful events.

In some cases, the claim may be denied or disputed since not all accidents are as simple and straightforward as they seem. An expert legal representative will step into the dispute, acting in your best interests while you recover.

Contact Our Experienced Workers’ Compensation Lawyer Today

Every workplace injury, even a minor one, is a stressful experience. It gets even more overwhelming when you start considering the expenses you will have to deal with. You don’t have to put up with all the legal fuss on your own while you are trying to focus on your recovery!

Contact Michael Kelly Injury Lawyers for professional and timely assistance, no matter how insignificant your claim may seem! We will help you assess all the benefits you are entitled to in full instead of letting you settle for the bare minimum.