It would be difficult—if not impossible—to watch television without seeing an insurance commercial. We are all well-acquainted with Flo who advertises for Progressive, and the gecko who advertises for Geico. More to the point, we are equally familiar with the catchy slogans used by insurance companies which are meant to lull us into believing that our insurance company is our friend, like:
- Gets you back where you belong;
- Like a good neighbor, State Farm is there;
- Nationwide is on your side, and
- You’re in good hands with Allstate.
Despite the fact that insurance companies want you to believe they will be your friend in a time of crisis, standing strongly in your corner and helping you through this difficult time, in reality insurance companies are all about their financial bottom line. Of course, some insurance companies are better than others, yet all of them settle claims with an eye towards increasing their bank account.
The History of Liberty Mutual
Liberty Mutual Insurance was founded in 1912 in the city of Boston. As of 2012, 100 years after the company was founded, Liberty Mutual was ranked 81st on the Fortune 100 list of the largest corporations in the United States. Liberty Mutual is the third-largest property and casualty insurer in the U.S., with $120.1 billion in consolidated assets, $101.5 billion in consolidated liabilities, and $36.9 billion in annual consolidated revenues. Liberty Mutual offers auto, home, workers’ comp, property, commercial auto, general liability, group disability, group life, individual life and annuity products. Further, Liberty Mutual employs over 50,000 people in 900 offices across the globe.
Liberty Mutual’s CEO One of the Highest Paid in the Business
CEO Edmund Kelly helped Liberty Mutual grow through a series of acquisitions during his 13-year reign as CEO, however he garnered more salary than most of his peers across the country between 2008 to 2010 ($57 million). As a comparison, the top executive at MetLife (the country’s largest life insurance company) earned $16 million from 2008 to 2010—about a third of what Kelly collected, and the head of Allstate Corporation earned about $9.2 million during that period.
However, while Kelly was at the helm, Liberty Mutual grew significantly, even buying Safeco of Seattle in 2008 and tripling revenues of the company. Liberty Mutual received an “A” rating from Best Insurance Reports, offering both private and commercial car insurance with premiums written in 2013 equaling more than a third of its entire insurance line. Liberty Mutual Group has been accredited with the Better Business Bureau since 1931—86 continuous years.
When You Suffer a Catastrophic Injury as a Result of an Auto Accident
Catastrophic injuries can occur in almost any type of vehicle accident, including cars, pickups, large commercial trucks, motorcycles and ATV’s. When injuries are catastrophic, the victim may struggle for many years—or for the remainder of his or her life—to recover, quite often suffering life-altering injuries. Not only are these injuries life-altering for the victim, they are also life-altering for the victim’s family. A catastrophic injury can include the following:
- Brain trauma;
- Spinal cord injury;
- Severe burns;
- Multiple bone fractures;
- Back injury;
- Neck injury, and
- Organ damage.
A catastrophic injury is basically any injury which permanently prevents you from performing gainful work, leaving you suffering a permanent disability for years, or for the rest of your life. Catastrophic injuries can put serious strain on your family as well if you require constant supervision, assistance for the rest of your life, a lifetime of rehabilitation, and a never-ending stream of medical expenses. Most of those with catastrophic injuries are unable to return to their former job or career, meaning financial problems are almost a given. If you suffered a catastrophic injury as a result of another’s negligence, then your attorney will seek a catastrophic injury settlement which will properly compensate you for your lifelong disabilities.
You may also find that the person who was responsible for your catastrophic injuries is not insured, or is underinsured. The state of Tennessee rates number six on the list of states with the highest number of uninsured drivers, at about 20 percent. Because of this, it is extremely important that you have uninsured/underinsured motorist coverage on your own insurance, at the highest limits you can afford. Unfortunately, suing a person with no auto insurance is unlikely to result in a settlement which is sufficient to pay your medical expenses. It is also important to remember that the state of Tennessee has one of the shortest statutes of limitations—one year. This means you have only one year in which to bring a lawsuit against the person whose negligence caused your accident and subsequent injuries.
How Martinson & Beason Can Help After Your Auto Accident
If you or a loved one has suffered catastrophic injury due to another person’s negligent behavior, it is extremely important that you understand your rights. Having a top-rated Tennessee personal injury attorney from Martinson & Beason by your side from start to finish can ensure you will receive the compensation you are entitled to receive. Our car accident attorneys know that when you have been catastrophically injured, it is important that you have some time to heal and get back on your feet, to the extent possible, without having to worry about the legal details of your accident. It is highly likely that if you have suffered catastrophic injuries, you may be finding it very difficult to pay your medical expenses and meet your monthly financial obligations. If you are looking for compassion for your injuries, as well as an experienced, knowledgeable, aggressive litigator and/or negotiator, call Martinson & Beason today.