8. The insurance company that covers the party that caused my child’s accident contacted me soon after the accident and offered a settlement. We could really use the money. Should I take it?

The insurance company that covers the liable party may contact you soon after your child’s accident to issue a settlement. That settlement offer may sound appealing on the surface. Your child has likely accumulated substantial medical bills, and you may have other financial needs that grow more urgent as time goes by.

That settlement offer, however, may not reflect the full funds your child actually deserves in compensation for their injuries. In many cases, the insurance company would try to convince you to accept an early offer, before you have a chance to genuinely understand what your child’s medical bills will look like or develop a better understanding of what his or her recovery will entail. If you accept this offer, you relieve the insurance company of future financial liability for your child’s injuries.

Consult an attorney before accepting that offer. An attorney can give you a better idea of how much compensation your child may deserve and when you should continue to negotiate.