If the insurance company settles her case in full and gets a release from her which is full and final the case is over. I am not sure what you are referring to when you say "accept settlement". Your friend should talk to his insurance company. It sounds like he may have caused a severe injury. If that is the case you can expect litigation. The insurance company will defend the case and get your friend an attorney if suit is filed.
You need to have the UM carrier agree to allow you to accept policy limits under most policies. In essence they need give you permission to accept the policy limits or you have not complied with the policy language. If your attorney is skilled in P.I. he will know this. Good luck.
Your employer, if they are still in business will hire a lawyer that should defend both you and them. Since your employer is liable for the accident, they have much to lose if you are not protected. Contact your ex-employer and ask for them to direct you to the attorney/claims adjuster to protect your interests.
Unless the case cant be settled for policy limits or less, why go bankrupt now? The defendant has not exceeded your insurance policies with a jury verdict have they? If the answer is no than it is still just a claim and your personal assets are not at risk unless they get a judgment that exceeds your policy limits. Good luck.
Have a FL lawyer refer you to a NY lawyer. The FL lawyer will help you get treatment and the NY lawyer will handle your case. The FL lawyer will get a participation fee from the NY lawyer for referring the case and his participation. Case solved.:)