If the insurance company or your employer were to approach you about settling your case, what do you do?
As self serving as it sounds, the best thing you can do is talk to a lawyer. Only a lawyer who is experienced in this can properly evaluate the value of your claim and explain to you all of the potential risks of settlement.
There are a lot of risks. Yes you’re giving cash, but you’re giving up a steady income flow that could last for a very long period of time. You’re potentially settling specific loss cases or scar claims. You’re potentially closing out the ability to bring a psychological claim in conjunction with your physical injuries. You may need future medical treatment that wouldn’t get covered.
There are a lot of reasons why a settlement can be very complicated. It seems easy — give up your rights in exchange for a lump sum of money. But if you don’t know what you’re giving up, then you don’t know if you’re getting value. And that’s why you need an attorney involved.