Negotiating a fair settlement for your compensation claim involves a number of considerations that you need to keep in mind. You need to ensure that your settlement is fair and that you receive the compensation that you deserve.
Remember that once your claim is settled, you usually won’t be entitled to any more money, so make sure that the settlement amount is adequate for your needs.
Tips on How to Negotiate a Fair Settlement
Here are some important aspects to consider when you’re negotiating a fair settlement:
- Rarely accept the first offer. More often than not, the insurance company is looking for a quick settlement. Therefore, they’ll offer you a smaller amount in the hope that you will settle quickly. Quite often, this amount won’t be enough or well below what you’re entitled to.
- Have a personal injury lawyer on your side. Negotiating with insurance companies is complex and often quite frustrating. Remember, these companies have their own lawyers, so it goes without saying that you need a legal professional on your side to help you with the negotiations.
- Practice patience. These negotiations are usually quite a lengthy process. Especially if you’re after a fair settlement amount. You also need to wait until your injuries have fully stabilised in order to reach a fair settlement amount. Remember that some injuries will not be apparent in the beginning and may show up a few weeks or months down the track.
- Ensure that you have a fair settlement figure in mind. The settlement amount that you receive is based on different heads of damage depending on the area of law that your matter falls under. For example, it may include past and future loss of wages, your past and future medical expenses, and extra to cover an amount for pain and suffering. Your lawyer will advise you on which of these areas you can claim as part of your lump sum.
Why it’s Important to Seek Legal Representation
Dealing with insurance companies and their legal claims team can be extremely overwhelming if you’re trying to do it on your own. Remember that the company’s legal team is well versed in all aspects of personal injury claims.
This will put more financial stress on your situation and can easily be avoided. Sure, engaging a lawyer to represent you is going to cost you money, but in the long run, if the lawyer wins the case, you should have a better outcome than if you were doing it on your own.
This is because your legal representative is well aware of how insurance companies work and how to get you a fair settlement for your claim. In addition, there may be expenses that you haven’t even thought of that you’re entitled to claim for.
For instance, do you know how much your pain and suffering is worth? Have you thought about the loss of possible career advancement because you are no longer able to do the work that you had been engaged in before the accident?
A lawyer is well versed in all of these aspects of your claim and has an understanding of their worth so that you end up with a settlement amount that is fair.
Also, don’t forget about all the paperwork that you’re going to have to gather, as well as witness statements, medical assessments, and photos to substantiate your claim. Many people don’t even know where to start when it comes to lodging a claim, let alone how to go through the back and forth negotiations.
For all of these reasons and more, the best way to effectively negotiate a fair settlement for your compensation claim is to have an experienced legal professional on your side.