Accepting an initial settlement offer from an insurance company after a slip and fall accident may seem the easiest way to get financial help as quickly as possible. However, your first slip and fall settlement offer will likely be far less than you deserve.
To make matters worse, accepting that initial offer bars you from pursuing additional compensation later if you realize you’re still paying for your slip and fall injuries and losses. Instead of risking the acceptance of a low settlement amount, work with an experienced New York City slip and fall lawyer who can prepare your claim, protect your rights during insurance negotiations, and review all settlement offers.
What Should Be in a Fair Settlement Offer for a NYC Slip and Fall Claim?
A fair settlement offer in a slip and fall claim should account for all the losses the accident caused, including compensation for:
- Medical bills, including future medical treatment or therapy related to the injury
- Lost wages, including diminished earning capacity if your injuries affect your ability to work
- Pain and suffering
A fair offer should also reflect the strength of the evidence supporting your claim, such as medical records, photos/videos, witness statements, and maintenance records from the property where the accident occurred. However, every slip and fall case is different, and what qualifies as “fair” depends on your specific injuries, expenses, and how clearly you can prove the property owner’s liability. Your lawyer can assess whether an offer reflects your actual losses.
Can I Decline the Initial Settlement Offer from the Insurance Company?
Not only can you decline an initial settlement offer, but you’re also not even required to speak directly with the insurance company after a slip and fall accident. In fact, doing so without legal guidance could jeopardize your claim.
Insurance adjusters may reach out very soon after an accident to get a recorded statement from you or to convince you to accept their initial insurance settlement offer before you understand the full value of your case. Insurance companies can use anything you say against you to minimize your payout.
Instead of dealing with the insurer, you can refer them to your slip and fall attorney, who can review the offer, calculate the damages (or compensation) you seek, and communicate with the insurance company on your behalf. Discussing your case with an attorney first gives you a clearer picture of what your claim is worth and helps you avoid agreeing to a settlement that doesn’t fairly compensate you.
Why Would I Not Accept the Initial Slip and Fall Settlement Offer?
You may decide not to accept the initial settlement offer because it doesn’t reflect the actual value of your injuries and losses. Insurance companies design early offers to resolve claims quickly and cheaply. So, they’re almost always low. Without a complete understanding of your medical prognosis or future medical costs, accepting too soon can leave you paying out of pocket later if you still haven’t reached maximum medical improvement, or the point at which your condition is considered unlikely to improve.
When Should You Accept an Insurance Company Settlement Offer?
When you should accept a settlement offer in a slip and fall claim depends on the facts of your case and your personal circumstances. You should consider accepting an offer only after your medical condition stabilizes and your attorney thoroughly evaluates your losses, including your likely future expenses. A fair offer should cover economic (financial) losses, like medical expenses, and non-economic (intangible) losses, such as pain and suffering.
The right time to settle is different for everyone. Some people prioritize achieving financial stability quickly, while others prefer to pursue litigation to seek a potentially higher recovery.
If I Accept a Settlement Offer, Can I Sue for More Damages in the Future?
Once you accept a settlement offer, you must sign a release waiving your right to pursue any further compensation for your slip and fall injuries, even if you discover additional medical issues or expenses. Because the release is binding, you should always have your lawyer review the offer to identify any unfair terms and confirm that the amount reflects your total losses before signing any settlement agreement.
What Happens If the Parties Cannot Agree to a Settlement?
Without an agreement following settlement negotiations, your claim may move into litigation. Depending on how the negotiations progress, a slip and fall lawsuit, like other personal injury claims, can still settle at any stage in the legal process – before trial, during trial, or even after a verdict. The following steps outline what typically happens when parties can’t reach an agreement:
- Filing a lawsuit – Your attorney files a formal complaint in court against the property owner or other responsible party.
- Discovery phase – Both sides exchange evidence, take depositions, review medical and accident records, and prepare their respective cases for trial.
- Pre-trial negotiations – Settlement discussions often continue as the trial date approaches, with many personal injury cases being resolved during this stage.
- Trial – If you can’t reach an agreement, the court decides whether the defendant is liable and, if so, how much compensation you deserve.
- Post-trial settlement – Even after a verdict, the parties may agree to settle to avoid appeals or further legal costs.
Get Help from a New York City Slip and Fall Accident Lawyer Near You
If you suffered injuries in a slip and fall accident on someone else’s New York City property, you need an experienced and knowledgeable personal injury attorney on your side, fighting for you. David Resnick & Associates, P.C., has a successful track record dating back more than 25 years, having recovered over $180 million for our satisfied clients. As one client wrote about our law firm:
“I appreciate David and his team for all the work they did, their professionalism, and for being on top of everything. This was a first for me, so I didn’t know what to do or what to expect. When I reached out to them, I was surprised how quickly David responded and wanted to help me. One thing I really appreciate is that both him and his team are quick to answer all my questions, concerns and provide any documents I need no matter the day or time.”
– Johanna
Don’t accept the first settlement offer without first talking to an attorney. Trust David Resnick & Associates, P.C., to fight for the full compensation you deserve, whether in negotiations or court. Contact us 24/7 for a free consultation to discuss your case.
