Should I accept a quick settlement of my premises liability accident claim?

Insurance Adjuster Offering Settlement PaperworkIf the insurance company for the negligent property or business owner offers to settle your premises liability case soon after you file your claim, you may be tempted to accept their offer in order to pay your medical bills and replace your lost wages. However, it is rarely a good idea to accept a quick settlement. Here are three reasons why you should say no to the first offer you receive.

Reason #1: You Don’t Know How Much Compensation You Should Receive

Soon after your accident, you cannot know the compensation you should receive for your past and future medical expenses, lost wages, and pain and suffering. You can only determine this once you reach your maximum medical recovery. This is the stage in your medical treatment where you have fully recovered or recovered as much as you can, and your doctor can tell you what future medical care you will need and whether you can return to work.

Reason #2: The Offer Will Be Too Low

The insurance company is most likely trying to get you to settle your case quickly so that they can pay you much less than the compensation you deserve for your injuries under Virginia law. Once you settle your claim, your settlement would be a final resolution of your claim. You could not reopen your case if you later found out that your injuries were more serious than you originally thought.

Reason #3: There May Be Disputed Issues

If the insurance company disputes their liability to pay you or the seriousness of your injuries, they may make a low-ball settlement offer. However, if you hire an experienced premises liability lawyer, they can provide the insurance company with additional evidence to resolve the dispute and convince them of their obligation to pay you all the damages you are entitled to.

What Should You Do If the Insurance Company Offers to Settle Your Claim?

You should never accept a settlement offer from the insurance adjuster or sign any documents until you consult with a knowledgeable premises liability attorney. They will be able to accurately value your claim and be certain that you do not waive important legal rights by settling your case or signing insurance company documents.

If you suffered injuries in a premises liability accident, our skilled and compassionate lawyers are here to help. To get started, call our Norfolk office or fill out our convenient online form to schedule your free, no-obligation consultation.