Workers’ compensation is a form of wage supplementation provided to employees if they experience an injury or disability due to their job. But how do workers’ compensation settlements work in Minnesota?
There are a couple of different types of settlements that employees can receive if they have been injured or disabled.
How workers’ compensation settlements work
Workers’ compensation settlements are a payment of benefits on a compromised basis—meaning that neither the insurance company nor the employee achieves the full results they would if they won their case at hearing.
How each type of settlement works
Two types of workers’ compensation settlements are full, final, and complete settlements and to-date settlements. Full, final, and complete settlements provide employees with a set amount of monetary benefits with a promise by the employee that they will not attempt to seek any more money from the insurance company. To-date settlements make the benefits current to a specified date typically determined by the parties, and then the employee may be able to pursue more benefits in the future. There are pros and cons to each type of settlement that the employee should carefully consider. If you are unrepresented, the attorneys at Klampe Law Firm can help you sort out which of the settlement options may be available for you.