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What Factors Contribute to Workers’ Comp Settlements?

What Factors Contribute to Workers’ Comp SettlementsWhen employees consider the settlement value of a claim, they fail to acknowledge that the claim doesn’t need to be based on the actions following the end of medical treatment. The impact negotiation tactics and claim strategies have on a Workers’ Comp claims are not the only factors in a claim settlement. Furthermore, it’s important to stay protected with NJ Workers’ Comp.

According to an article in AMAXX, there are several factors that can contribute to Workers’ Comp settlements. Here are a few.

  1. Start work on the claim immediately. This means the employer should report the claim within minutes of the accident instead of hours or days after. By immediately reporting the claim, it allows workers’ comp adjusters to make same day contact, investigate the accident details, determine if there are issues in regards to compensability, establish the nature and extent of the injury and control the selection of the medical providers in the state.
  1. Control every action between the initial investigation and the settlement negotiations. You can do this by maintaining ongoing contact with the employee and medical provider, arrange for the employee to return to work as soon as they can and integrate medical management into the claim handling activities.
  1. When nearing the end of the claim, it’s important to consider a few additional factors to obtain the best possible settlement. A few things the adjuster should consider: the jurisdictional requirements, the value of any offsets, the value of future medical treatment, the cost of vocational training, if needed, etc.

At Associated Specialty Insurance Agency, we provide Workers’ Comp markets with unmatched results. We also offer programs across many industries for all types of risks. We understand that you need to capitalize on new business opportunities and we make that happen. We also understand the importance of keeping all your clients. For more information, call us today at 866.679.7457.

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