Attorneys from a Baltimore personal injury law firm that has been in business for multiple decades can attest to the effects that a bad economy can have on personal injury cases. Here are a few related concepts that attorneys from a Baltimore personal injury law firm may explain.
More Conservative Evaluation
Insurance companies will likely evaluate small and medium cases more closely. During an economically trying time, insurance companies will want to minimize their payouts across the board. Insurance companies suffer along with individuals when their investments take a nosedive. They must find ways to save money and often do so by denying more claims or by reducing the amount of settlements. For example, a $30,000 claim may now be made into a $10,000 settlement. Small cases that are valued at less than $10,000 will often become more difficult to handle. Insurance companies may also try to avoid paying maximum values on major cases.
Your Baltimore personal injury attorney can also explain that another way for insurance companies to reduce costs is by terminating staff members. When this occurs, it is common for claims to take longer to be processed. Additionally, this causes cases to be transferred to individuals who do not have prior experience with an attorney, causing the attorney to have to start building credibility all over again.
Discover More from an Attorney
If you would like to learn about other factors that can affect the value of your claim, contact the Baltimore personal injury law firm of James Lee Katz, P.A. by calling 443-394-0900 or 800-564-7808.