While I do not practice in your area, you may be entitled to a settlement. Generally, you should obtain an attorney. There are workers compensation attorneys who will do very well for you.
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.
Sign up to receive a 3-part series of useful information and advice about personal injury law.