If you’re settling your Workers Compensation claim by yourself, you’ll probably need to negotiate with the insurance company at some point. Most people don’t have negotiating experience, and when the insurance company sees that you’re not being represented by a lawyer, they’re likely going to try and take advantage of you.
So, what do you need to know to negotiate the biggest settlement possible? Here are some expert tips to help you out.
The first thing you need to do to effectively negotiate your settlement is figure out what your case is worth. Think of it like buying a car: you wouldn’t start haggling without knowing the make, model, and condition. The same goes for your workers compensation settlement.
You need to understand the factors that make your case valuable, such as:
Once you’ve determined the value of your case, you can present a demand to the insurance company. If they’ve already made an offer, you should make a counteroffer. You usually won’t get the total value of your case, but you can aim for more than 50% of its value. Submit a demand on the higher end to give yourself room to negotiate.
When the insurance company responds, ask them to break down how they calculated their offer. If they refuse, it’s likely their offer is low. If they share it, you might find they missed something and use that to negotiate for more money.
Failing to prepare is preparing to fail, especially when gathering evidence for your Workers' Compensation claim. Preparing evidence is essential not only to justify the value you're asking for but also to show the insurance company that you're serious and can’t be easily taken advantage of.
You should prepare:
The insurance company is on the hook for medical costs and lost wages, so prove that you will have significant ongoing medical costs and work restrictions. This might include vocational training costs, medical devices, and therapy.
Never accept the first offer you receive from the insurance company. Their goal is to save as much money as possible by getting you to accept a low offer before you can fully evaluate your claim or get a lawyer.
They might try to entice you with a quick and easy buck, but have patience. Wait until you know the full value of your claim before negotiating a settlement. The first offer is almost always lower than what your case is worth.
One of the most powerful things you can do in a negotiation is get leverage over the insurance company. If they want something, use it to get more money.
For example:
Remind them of factors that could cost them more down the road, like the difficulty of finding light-duty work, the likelihood of needing expensive surgery, and the cost of a trial. Going to court costs you nothing, but it costs the insurance company a lot.
To be taken seriously and negotiate a bigger settlement, demonstrate credibility. Present all your evidence and documents in an organized fashion, be thorough, maintain a professional tone, and submit realistic offers.
Better yet, leverage the credibility of an experienced workers compensation lawyer. Lawyers typically get injured workers 30% more compensation because they know the game and have experience negotiating with insurance companies.
If you or a loved one has been injured on the job in New York and want to set up a free consultation with an experienced lawyer, give me a call at 212-406-8989. Our conversation is confidential and costs you nothing, putting you on track to negotiate the biggest workers comp settlement you can get.
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