Speaker 1: If you don't have a workers' comp lawyer, they will usually submit their first offer very early, sometimes within days of the accident, in an attempt to get you to accept a low amount before you can... 5 Tips to Negotiate a Big Workers' Compensation Settlement If you're settling your workers' compensation claim by yourself, then you'll probably need to negotiate with the insurance company at some point. But 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 to take advantage of you. So what are some of the things that you need to know in order to successfully negotiate the biggest settlement possible? And what are some negotiation tips that you can only learn from an experienced workers' compensation lawyer? We're going to find out right now. Hi, my name is Rex Sikofsky, and I became a New York workers' compensation lawyer 17 years ago after getting injured on the job. If you're looking for a lawyer to help you with your claim for New York State workers' compensation benefits, please give me a call today at 212-406-8989 to schedule a free consultation. We're also able to assist with personal injury matters, social security disability, labor and employment, and immigration issues. The first thing you need to do in order to effectively negotiate your settlement is to figure out what your case is worth. If you were going to buy a car from a dealership, you wouldn't start haggling on the price without first knowing the make, model, and condition of the car. The same is true for your workers' compensation settlement. Before you provide a demand to the insurance company, you need to first understand what makes your case valuable. Things such as unpaid medical expenses, future medical bills and treatment, lost wages, potential lost earnings in the future, and any permanent disability you might have suffered. You're also entitled to reimbursement for travel to and from medical appointments. Be sure to watch my other videos to learn how to calculate some of these values. Once you've determined the value of your case, you can then present a demand to the insurance company. If the insurance company has already made an offer to you, then you'd make a counteroffer. As I've said before, you usually won't get the total value of your case when settling your claim. Hopefully, you'll be able to negotiate for more than 50% of the value, but in most cases, the insurance company is not going to pay you 100% or more. So figure out a range that you'd be satisfied with and submit a demand on the higher end. This will give you room to negotiate. When the insurance company responds with their counteroffer, ask them to break down how they calculated the amount according to the value of the elements we just discussed. If they share that breakdown with you, you might discover that they left out an important piece and be able to use it to negotiate for more money. If they refuse to share their breakdown, that's a good sign that their offer is low. Failing to prepare is preparing to fail. And this is especially true when it comes to gathering evidence for your workers' compensation claim. Preparing evidence is necessary not only to justify the value you're asking for, but also to show the insurance company that you're serious and they won't be able to take advantage of you. That means preparing information such as medical records, witness statements, photographs, your personnel file and payroll records, and expert medical assessments of your injury and the potential long-term effects. When preparing your evidence, keep in mind that the insurance company is on the hook for medical costs and lost wages. These two things are what determine the settlement offer. So prepare as much evidence as possible, proving that you will have significant ongoing medical costs and work restrictions. This can also include things like vocational training if you need to switch careers, any medical devices or treatment you might need in the future, and therapy to help you adjust to your new restrictions. Whatever you do, do not accept the first offer you receive from the insurance company. In all my years as a workers' compensation lawyer, I can't remember the last time the insurance company made an acceptable first offer. Remember, it's their job to save as much money as possible on your case, and they do that by getting you to accept an offer that undervalues what your case is worth. If you don't have a workers' comp lawyer, they will usually submit their first offer very early, sometimes within days of the accident, in an attempt to get you to accept a low amount before you can get a lawyer or calculate the value of your claim. They also don't want you waiting until you reach maximum medical improvement, because then you'll know the extent of any permanent disability and how much future medical treatment you're going to require. Instead, they will try to entice you with a quick and easy buck, so don't fall for it. Have patience and wait until you know the full value of your claim before negotiating a settlement. And when you do, assume that the first offer they send you will undervalue your claim. One of the single most powerful things you can do in a negotiation is get leverage over the insurance company. If there is something that they want, you can offer to give it to them in exchange for more money. For example, if they're willing to settle but want to avoid setting a precedent of accepting a certain type of claim, make them pay for it. If they want to avoid having your case become public knowledge, and instead you sign a non-disclosure agreement, make them pay more. If for some reason they want you to settle your case sooner rather than later, make them pay for it. Don't ever agree to anything they're asking for without also asking for more compensation in return. You can also get more leverage by reminding them of the facts that will likely cost them more money down the road, such as how difficult it might be for you to find light-duty work to accommodate your restrictions, the likelihood of you needing expensive surgery or treatment in the future, and how expensive a trial will be if you take your case to court. Remember, going to court costs you nothing, but it costs the insurance company a lot of money. If you want the insurance company to take you seriously and agree to a bigger settlement, then you need to demonstrate credibility. That means presenting all of your evidence and documents in an organized fashion, being thorough, and including all materials relevant to your case, maintaining a professional tone during negotiations without losing your temper, and submitting realistic offers that show you're a reasonable person. Better yet, to really increase the size of your settlement, leverage the credibility and authority of an experienced workers' compensation lawyer who you know the insurance company will play ball with. On average, workers' compensation attorneys get injured workers 30% more in compensation than they would otherwise receive on their own. Why, you might ask? Because they know how the game works. They're familiar with the insurance company and have experience in negotiating the largest possible settlements for their clients. And the insurance company knows that they're not going to get away with a low-ball offer once you have a workers' comp lawyer on your side. So if you or a loved one have been injured on the job here in New York and you'd like to set up a free consultation with an experienced lawyer who will fight to get you the settlement you deserve, please give me a call today at 212-406-8989. Our conversation is confidential, costs you nothing, and will put you on track to negotiate the biggest workers' compensation settlement you can get. And if this is your first time on my channel, please be sure to subscribe and turn on notifications for the most up-to-date videos on filing for New York State workers' compensation benefits. We are your one-stop shop for everything you need to know when it comes to successfully filing for and maximizing your claim for benefits. So click here to watch this video next, and I'll see you there.