Do I Need a Lawyer to Deal With the Insurance Company for My Personal Injury Claim in Texas?
The Kishinevsky Law Firm is a personal injury law firm representing individuals who have been injured due to the fault of someone else in the greater Houston area. If you have questions relating to a personal injury claim in the Houston, Texas area, call us today for a free consultation.
Insurance companies are among the largest businesses in the United States. Many are included in the annual Fortune 500 list and their advertisements are everywhere you turn because of the enormous amounts of money they spend on advertising.
Many insurance companies are publicly traded, and their financial information, including net worth and profit information, is publicly available and easily accessible. Even the lesser-known insurance companies whose commercials you don’t see and hear everywhere have significant financial assets as they have to meet minimum capital requirements before being allowed to write and sell insurance policies.The Insurance Company Profit Model
Insurance companies are a business and like any other business, they exist for one reason and only one reason: to make money for their owners, executives, employees, and shareholders. This is not a moral judgment- it is simply a fact. Human beings have ethics and morals. Corporations, including insurance companies, are fictional legal entities created by human beings to maximize profit in an efficient manner.
Insurance companies make money by selling insurance policies, collecting the premiums, and investing the premiums in stocks, bonds, and other financial instruments. Like casinos, insurance companies are in the business of predicting odds and assuming risk. Every insurance policy is a calculated risk by an insurance company using sophisticated statistical and data analysis that over the life of the policy, the insurance company will make more in premiums than it will pay out in claims on that policy. Also like casinos, insurance companies usually win a lot more than they lose.
Unlike casinos, insurance companies get to negotiate the payout every time a covered risk happens. Every time an insurance company has to pay money because an insured driver injured someone, a worker got injured on an insured work site, an insured house burned down, or on any other claim, the insurance company has the financial incentive pay the smallest amount possible. Every penny paid out for a claim is a penny the insurance company loses in profits.The Business of Injury Claims From an Insurance Company Perspective
This may be the first time in your life you are making an injury claim, but all the insurance company does all day every day is handle injury claims just like yours. While this injury may be your life, too often insurance companies view you and your claims as just numbers on a balance sheet. Their claim adjusters are trained professionals whose sole job is to handle injury claims and get them settled as quickly as possible for the smallest cost.Tactics Used by Insurance Companies to Minimize or Wrongfully Deny Claims
Too often, an insurance company may try to get you to accept less than your claim is truly worth by using these tactics:
- Getting a recorded statement from you and trying to make it sound like you were at fault
- Trying to get you to delay seeking necessary medical treatment so that your injuries can later be minimized or questioned
- Trying to delay your claim in the hopes of wearing you down
- Offering you a quick settlement for a small fraction of what your claim is actually worth
If you are making an injury claim and dealing with an insurance company, it is truly a case of David versus Goliath. You are likely unfamiliar with the process and still suffering from your injuries at the time the claim is being made. On the other side, the insurance company has nearly unlimited resources and entire teams of adjusters, investigators, and attorneys being paid to protect and advance the best interests of the insurance company- often at your expense.
While no attorney can ever guarantee any outcome, a good, knowledgeable attorney can help you level the playing field by helping you avoid the most common traps used by insurance companies against unwary victims, advising you on what your legal rights are, and fighting on your behalf in court if necessary to secure the best outcome for your case.
If you’ve been injured due to the fault of someone else, before you speak to an insurance company representative, call us today for a free consultation with a Houston injury attorney. We are happy to listen to your situation, provide answers to your legal questions, and discuss what we can do to help you in your time of need. Your claim and your life are too important to leave them in at the mercy of an insurance company without having a qualified professional in your corner looking out for you.