There are numerous reasons why you may have filed a personal injury case. You may have been injured in an auto accident, slipped and fell on someone's property, got bit by a dog, sustained injury due to a medical professional's negligence, got injured on the job, or had a product work incorrectly and injure you. When you file a claim, there will come a time where the insurance company or the attorney for the other party may offer you a settlement. Your personal injury attorney or workers compensation lawyers can let you know what they think your case is worth and if the settlement is fair, but ultimately, it is up to you to accept or deny their offer. Here are a few of the benefits associated with taking the settlement and closing out your case.
You Have Control Over the Outcome
One of the benefits to settling a personal injury case is that you have control over the outcome. You know what the outcome is going to be when you sign the agreement. If you take the case to trial, you do not know what the outcome may be. You could walk away with nothing, as you put all of the control in someone else's hands. If you want to ensure you get something out of your case, settling may be right for you.
Settling a Case Is Faster and Less Expensive
The second benefit to settling a personal injury case is that it is faster and less expensive. Taking a personal injury case to trial typically takes a lot more time and can wind up costing you more. Many personal injury attorneys take a percentage of your settlement or award in lieu of payment. The percentage for the award is higher than a settlement because of the time commitment involved.
Settlements Are Confidential
The last benefit to settling your case is that the terms of the settlement are confidential. When you go to trial, your case and the award become public record. If you want to keep a financial gain private, settling is the way to go.
It is important to carefully consider a settlement offer. Going to trial can be expensive, time consuming, and is public record. If you are not sure whether the settlement is a fair one or if you should hold out for more money, your personal injury attorney can help guide you. If you do not have one, you should always consult with one before settling a case and accepting an offer. Once you accept the offer and sign an agreement, it is a legally binding agreement. Make sure you are getting a fair amount before doing this.