February 27, 2017
If you lose your income after you are injured due to the fault or negligence of another person, you understand how stressful and frustrating the situation can be. Even after you have physically recovered from your injuries, if you are still unable to go back to work, it can put a great deal of financial strain on you, as well as your family.
Not only do you have to deal with your lost income, but the insurance company may try to take advantage of your financial hardships. They typically do this by offering an unfair and extremely low settlement. It is important that you understand you are entitled to receive 100% of the lost wages after a personal injury. After all, why should you take a pay cut when the accident and injury was not your fault, to begin with.
Most people don’t automatically think about lost income after a serious injury occurs. This is typical because it is not a priority during the early stages of recovery. However, the ability to support your family during the weeks and months after an injury can prove to be quite challenging for many households.
What is Considered “Lost Wages?”
Lost wages include any type of income that you may have earned if you had not suffered an injury. This includes normal wages, as well as overtime that you would have likely worked, bonuses, and expected or annual raises. In a personal injury case, lost wages are referred to as “special damages” as opposed to “general damages.” The special damages category refers to any type of out-of-pocket expenses you incur. They typically including things such as medical costs and other, tangible monetary losses.
Additional Ways to Seek Lost Wages Compensation
If the accident results in you suffering a permanent disability, then you have the right to seek monetary compensation for the income they may have earned based on their “future earning capacity.” This is also often referred to by other titles, such as impairment of earning power, future loss of earnings, and lost earning capacity.
To determine your future earning capacity, complex calculations must be done. Some of the factors considered including market values, wage rates, usual occupation, life expectancy, skill level, age, and more. Any claim for a loss of future earning capacity is not based on your actual earnings before the injury. Instead, they are calculated by considering the ability you have to earn money in the future.
The personal injury attorney you hire can help you understand how these damages are calculated. They will also explain what factors impact your particular situation.
If you need help with determining how much you deserve after a personal injury accident, contact the lawyers from Bautista LeRoy today.