Let Pyrros & Serres Help You Determine Whether a Lump Sum Payout is Best for You
Workers’ Compensation Lawyers in Queens, Brooklyn, the Bronx and throughout NYC
Under the New York workers’ compensation laws, there are only two things you must show to be eligible for benefits—you must show that you suffered an injury and that your injury was work-related. If your claim is approved, you have the right to payments to cover both lost wages or income and all medical expenses related to the injury. As a general rule, those benefits are in the form of regular payments to cover unearned income, and payment/reimbursement of medical expenses on an ongoing basis.
Under Section 32 of the New York workers’ compensation laws, though, you can pursue a settlement of your workers’ comp claim, where you will get a lump sum payout to cover all potential losses. Pursuing a settlement may or may not make sense for you, based on your situation. An experienced workers’ compensation attorney will help you make the right decision, looking at your age, your financial situation and any other relevant factors.
If you ultimately determine that a settlement is in your best interests, your lawyer will contact your employer’s workers’ compensation insurance company to initiate the process and work out the details of the settlement. As a general rule, the settlement includes payment of a lump sum, intended to cover all existing and future lost wages and medical expenses. In return for the payment of the lump sum, you typically waive the right to receive benefits for lost income or medical expenses in the future.
These agreements are documented in writing, signed by the parties, and approved by a workers’ compensation judge. Once the judge approves, both parties have 10 days to change their minds. If that doesn’t happen, the agreement is final and the insurance company makes the payment.
Experienced Queens |NYC | Brooklyn | Bronx Workers’ Compensation Attorneys
At Pyrros & Serres LLP, we handle all matters related to workers’ compensation and Social Security disability claims for people in the Bronx, Brooklyn, Queens and across the greater New York City metropolitan area. Because of our reputation for effective advocacy, many of our new clients come to us as referrals from clients and other lawyers.
To learn more about the full scope of our practice, see our practice area overview page or call our offices at 718-804-5406.
Pyrros & Serres LLP
NYC | Queens | Brooklyn | Bronx Workers’ Compensation Attorneys