Getting hurt on the job can create a significant financial burden. Fortunately, workers’ compensation insurance provides benefits to help injured employees recover from their losses. Typically, these benefits are paid out weekly over a period of time. However, in some instances, an employee may find it more beneficial to accept a workers’ comp settlement and receive more money at once. This is a crucial decision to make, so it’s essential to understand the different options to obtain the best deal possible. Here are the two types of settlements available in New York.     

Workers’ Comp Settlement Options in NY

Stipulation Agreements 

In a stipulation agreement, the injured employee will reach an agreement with the insurance company on the severity and extent of the disability suffered and establish a specific award amount. The contract may also include provisions to protect the employee’s right to receive future medical care. When a stipulation agreement is made in regards to compensation for a permanent partial disability, the employee has five years from the date of injury to reopen their case and seek additional benefits.

Section 32 Settlements

With a Section 32 settlement, the employee agrees to receive final payment for their injury, usually in a lump sum. This means they’re giving up their right to collect ongoing benefits and have any future medical care covered by workers’ compensation. Since this is a non-reversible agreement, it requires a judge’s approval. They will review the terms of the workers’ comp settlement to see that it’s fair and reasonable and also make sure you fully understand the implications.

If you’re considering agreeing to a workers’ comp settlement, reach out to Vincent J. Criscuolo & Associates in Rochester, NY, for help determining the best course of action to take. They’re committed to working on behalf of their clients’ best interests and making sure they receive all the compensation they’re entitled to. Backed by more than 30 years of experience, they’ve handled countless workplace injury cases and know how to navigate the negotiation process successfully. Call (585) 232-3240 to schedule a consultation, or visit them online for more information on their services.