Without knowing more details of your accident it is difficult to offer an adequate answer. I will say that in most cases when you are injured at work, you are limited to the benefits from L & I. It really depends on how and who created the wet floor. If your co-worker caused the wet floor, that person (in almost all cases) is immune and your only remedy is L&I. In your situation, the who, what, why, and how of your accident are important. For your next step, I would recommend either calling or meeting with an attorney who practices personal injury law.
You may get a more specific answer to your question if you post it under the "workers compensation" section of Avvo since your injury is primarily an "workers compensation" (L&I) issue. I believe whether L&I will give you a settlement for injury depends on the severity and permanence of your injury. I recommend that you consult with a workers compensation attorney about your case before settling anything though to be sure that you are getting what you are entitled to.