If someone else’s negligence leaves you injured in an accident, you have suffered damages that you will need to address with the insurance company. While the medical expenses and property damages that you have suffered are concrete and can typically be calculated in a straightforward manner, this is not always the case when it comes to the loss of hours on the job and the loss of wages that often ensues. The loss of income associated with a serious accident is often extensive, and obtaining the compensation to which you are entitled typically demands careful attention to detail.
How an Injury Affects Your Finances
If you have suffered damages as a result of someone else's negligence, you are likely to experience several kinds of financial losses:
- Direct medical expenses that can be calculated from your medical bills
- Ongoing medical expenses that your doctor can help you calculate
- Any property damage, such as damage to your vehicle if it was a car accident
- Lost hours on the job and lost wages
Loss of Income
While medical costs can be immense, the loss of income incurred from lost hours on the job can be even more significant. After an accident, you will probably miss work until you have recovered to the point that you are able to return. If your injuries are serious, however, they could preclude you from returning to work for a lengthy period of time and may stop you from ever returning to work in your former capacity. A serious accident could alter the course of your career and diminish your earning potential over the course of your lifetime.
Calculating Lost Wages
Calculating your lost wages can be complicated, but it is important to create an accurate reflection of your losses in order to obtain the compensation to which you are entitled. It is important to recognize that, as an employee, you were on the path toward developing your career. As such, the wages you would have made three years from now – if you had been able to continue on your career path uninterrupted – would generally be higher than your current wages. It is important to factor in all such nuances when it comes to calculating the loss of income associated with your injuries.
Your calculations should accurately reflect your total loss of income based on how your injury affects your earnings – now and into the future. Every personal injury claim is unique to its own set of circumstances, and it is important to address the specifics of your unique claim directly.