How Long Does It Take to Settle a Workers’ Comp Claim in Florida?

If an employee reports a work-related injury that was unwitnessed or reported to your company past the 30-day deadline, their workers’ compensation claim may be denied. In that case, they may file a lawsuit or appeal to petition for benefits. Even though their initial claim was denied, employees in Florida can file a lawsuit within two years of the injury to sue your company for wages lost, hospital costs, and more.

The length of workers’ compensation claims in Florida can vary. Length can depend on whether or not your company is inclined to settle immediately or wants to fight the claim. Settling can be the fastest route but may hurt your business if there isn’t a legitimate claim. If you choose to combat the lawsuit, it may be a much longer process. However, if you and your insurance company believe the suit is unjust, fighting it may garner the best result for your business.

NPN Brokers understands the importance of a dependable workers’ compensation insurance policy for businesses in Florida. If you’re struggling to find the best insurance policy for your business, the Florida workers’ compensation insurance brokers at NPN Brokers can pair you with the right one. Our partners offer affordable insurance policies for companies, and NPN Brokers may be able to find the best one for your business. If you need workers’ compensation insurance, call NPA Brokers today at (561) 990-3022.

When Should I Settle a Workers’ Comp Claim?

The length of a workers’ compensation settlement depends on several factors. There are a lot of steps before settling, which can extend the process. If the claim is viable and accepted by your insurance company, the settlement process may take up to six months until finalized.

According to Florida law, employees must report an injury within 30 days of it happening. If an employee fails to do so, a claim can be denied, and the process may end there. If an employee does report an injury, employers must then also report to their insurance company within seven days. From there, insurance companies must file a report within two weeks of knowledge. These processes alone can total about two months to complete.

From there, it may take several weeks or months for your workers’ comp insurance carrier to review an employee’s claim. The length depends on the complexity and legitimacy of the case. If your insurance company denies a claim, the process may end there. However, if an employee intends to sue, it could go on for months or years. Although the initial stages of workers’ compensation claims are the same, past that length is determined on a case-by-case basis.

If a settlement process is dragging on, you may be able to convince an employee to settle, depending on the type of settlement you offer.

Lump-Sum Settlements

If both the employee and employer agree to end a case, a lump-sum settlement is often offered. In exchange for ending the lawsuit, an employee will receive a one-time payment from their employer or employer’s insurance company. Parties will agree on an amount, and the case will be settled.

Structured Settlements

In the case of a structured settlement, the employee will receive smaller payments over time. A structured settlement may be financially preferable for your business and the employee if you decide to settle. As opposed to a lump-sum settlement, structured settlements provide a continuous income stream should the employee be injured and unable to continue to work.

Employees often prefer lump-sum settlements because they gain immediate access to funds they may require to pay off medical bills or other costs related to their sustained injury. If the settlement process is taking too long and you’re inclined to settle, consider offering a lump-sum settlement to come to a speedy resolution.

Should I Settle a Workers’ Comp Claim?

If your insurance company rejects a workers’ compensation claim, it’s likely for a good reason. If an employee cannot prove that they suffered a legitimate injury while on the job, a doctor cannot validate the injury, or the employee failed to file a claim within 30 days of injury, your company may be able to fight the claim.

Of course, you want to protect your employees. If a legitimate claim is filed and approved by your insurance, there is no cause to fight it, and doing so could result in fines. But if you’re business might be getting exploited or taken advantage of, it may be in your best interest to fight the case. Again, if your insurance company rejected the initial claim, it was likely because it did not meet the necessary criteria for approval.

If your insurance accepted a workers’ comp claim, it is not wise to fight it. Doing so could expose your business to fines and penalties and cause your workers to rethink their employment. Workers’ compensation insurance is there for a reason; to help injured workers. If your company fights legitimately injured employees, it may end badly. Fighting a workers’ compensation claim depends on whether your insurance rejects the claim and if the employee appeals. Florida workers’ compensation brokers NPN Brokers can help you find a workers’ compensation policy with an insurance company you can trust.

When to Avoid Settling a Workers’ Comp Claim

When an employee is denied workers’ compensation, they may choose to sue your company for benefits. If that happens, there may be some ways to quicken an otherwise lengthy process. Florida has laws regarding filing a workers’ compensation claim so that you may fight the lawsuit against your company.

Most likely, your insurance company rejected an employee’s claim for a reason. Your insurance might reject a claim if it wasn’t filed within 30 days of injury. If an employee gets injured while at work and fails to report it within 30 days, that may be a reason to deny a claim. A claim may also be rejected if there were no witnesses to the injury. If an employee cannot prove they were injured on the job and can’t provide witnesses, your insurance company may deny the claim.

Whatever your insurance company cited as the reasons the claim was denied will help your company in the lawsuit against it. As long as your company has followed Florida’s workers’ comp laws, you may not face fines or penalties. NPN Brokers can help match you with an insurance company that will help make the right calls when reviewing worker’s compensation claims.

If You Need Workers’ Compensation Insurance, Call NPA Brokers Today

For Florida businesses in need of workers’ compensation insurance, contact NPA Brokers today. We can help find a workers’ compensation policy that works best for your company. Call us today at (561) 990-3022.