Protecting Your Financial Future: Understanding Lost Wages from Accidents.
Getting into an accident can be a traumatic and life-altering experience. In addition to physical injuries, there is often a significant financial burden that comes with it, particularly if you are unable to work. When you are injured in an accident that was caused by someone else’s negligence, you may be entitled to compensation for lost wages. However, calculating lost wages can be a complex process, and it’s important to understand the factors involved. In this blog post, we will explore what you should know about calculating lost wages from your accident.
What are lost wages?
Lost wages are the income you would have earned if you had not been injured in the accident. This can include your regular salary or wages, as well as any bonuses or commissions that you would have received. Lost wages can also include benefits such as health insurance, retirement contributions, and paid time off that you would have received if you had been able to work.
How are lost wages calculated?
Calculating lost wages can be a complicated process, and there are several factors that must be taken into account. The first step is to determine your pre-accident earnings. This includes your regular salary or wages, as well as any bonuses or commissions that you would have received. If you are self-employed, your lost wages may be calculated based on your previous earnings.
The next step is to determine the period of time that you were unable to work due to your injuries. This can include the time you were in the hospital, the time you were recovering at home, and any additional time you needed for medical appointments or therapy sessions. If you are unable to return to work at all, your lost wages may be calculated until your retirement age or the end of your work life expectancy.
Finally, your lost wages may be adjusted to account for any future changes in your earnings. This can include potential promotions, raises, or changes in the job market. It’s important to work with an experienced personal injury attorney to ensure that all of these factors are taken into account when calculating your lost wages.
What other factors can impact lost wages?
There are several other factors that can impact your lost wages in addition to your pre-accident earnings and the period of time you were unable to work. For example, if you are a contractor or self-employed, you may need to provide documentation of your lost income and work opportunities during the time you were unable to work.
Additionally, if you were not able to work due to injuries sustained in the accident, you may be entitled to compensation for lost earning capacity. This refers to the amount of money you could have earned in the future if you had not been injured. To determine lost earning capacity, experts may be consulted to assess your future earning potential based on your education, training, work history, and other factors.
Finally, it’s important to note that your lost wages may be impacted by your state’s laws regarding comparative negligence. If you are found to be partially at fault for the accident, your compensation may be reduced based on your percentage of fault.
What can you do to maximize your lost wage compensation?
To maximize your lost wage compensation, it’s important to document everything related to your injury and the impact it has had on your ability to work. This includes medical records, documentation of missed work, and any correspondence with your employer regarding your injury and time off. It’s also important to work with an experienced personal injury attorney who can help ensure that all of the necessary documentation is collected and that your lost wages are calculated accurately.
In addition to lost wages, you may be entitled to compensation for other economic damages, such as medical expenses, property damage, and transportation costs. You may also be entitled to non-economic damages, such as pain and suffering, emotional distress, and loss of enjoyment of life.
In conclusion, calculating lost wages after an accident is a complex process that requires attention to detail and expertise. Working with an experienced personal injury attorney can help ensure that you receive fair compensation for the wages you have lost as a result of your injuries. Your attorney can gather the necessary evidence, including medical records, employment records, and expert testimony, to build a strong case and negotiate with the insurance company on your behalf.
Contact McManes Law
By taking the time to understand how lost wages are calculated and seeking the help of a qualified attorney, you can feel confident in pursuing the compensation you deserve. Contact McManes Law today to schedule a consultation and learn more about how we can help you with your personal injury case. 770-645-8801