Should You Accept a Settlement Offer?
After being injured because of the negligence or lack of care by another person or company, there is a chance you’ve been offered a settlement for your damages. If you are offered a settlement, how do you determine if it’s fair? How do you know if the terms are just, and the compensation is enough for your injury and other costs? In order to determine if accepting a settlement is in your best interest, the best thing to do is seek legal advice from an experienced personal injury attorney.
Unlike your insurance company, an attorney from The Trail Professionals P.A. will have your best interest at heart and will evaluate your situation thoroughly, giving you our honest opinion. However, even with a competent lawyer, it is always good to know how a fair settlement is determined and what concerns should be addressed. These relevant points will help you consider your settlement offer and better enable you to determine whether or not it is worth accepting.
1. Was it Their First Offer?
In order to prevent going to trial, companies may offer a settlement to avoid the hassle or possible loss of more money. The first offer is, likely, not the most they are willing to pay, but instead is typically the bare minimum they’d like to contribute in order to evade trial. Trial can be costly, especially if the company loses. Trials involve legal fees, sometimes hours of litigation, may damage their reputation, not to mention the actual cost of the resulting damages they owe to the injured party.
2. Your Costs and Their Price
Consider the entire cost of your injury. Evaluate more than just the monetary price, consider the physical pain you suffered, any time off work you lost, abilities you lost or ways in which the injury effected your life, livelihood, emotional or mental state. Also, take into account any future funds this injury may cost you. Will you need to revisit the doctor? Could this harm cause you to see a counselor or therapist for an extended period of time? Could you possibly be unable to return to your known profession? Did it take away something priceless to you, like the ability to have children?
Once you have considered all of the factors involved in your injury, reflect on the settlement offer. Is what they are offering you enough for you to feel fairly compensated for the damages you have suffered because of their mistake?
3. Possible Incentives
While it may be in your nature to give the company offering the settlement the benefit of the doubt, in legal matters it is always best to remove emotions from the situation. Try your best to evaluate the situation from an unbiased perspective and do not take any possibility of the company’s good will into account. There is always a motive in business, and it is more than likely the company offering you the settlement is treating the issue as a business issue first, and a personal issue second.
Although this advice can prove helpful in most situations, it is important to remember that every situation is unique and each settlement should be evaluated on a case by case basis. Unfortunately, there is no equation to evaluate a settlement as strictly “fair” or “unfair.” The best way to ensure your issue is handled properly is to seek legal guidance from an experienced, knowledgeable professional.
At The Trial Professionals P.A., we understand how complex and overwhelming settlement offers and personal injury cases may seem. Our legal team is confident in our ability to guide our clients through the legalities of their case, providing clear legal advice while actively pursuing fair compensation.
For help with your settlement offer in Orlando,contact The Trial Professionals P.A..