After a car crash or similar incident causes catastrophic injuries, people may have the right to pursue compensation. An insurance claim or personal injury lawsuit can help cover property damage losses and medical bills.
People can also request compensation for their lost income or earning potential. It can be difficult to accurately estimate how injuries affect an individual’s income. Many people require the guidance of a legal professional to accurately calculate lost wages.
Income losses come in several forms
The wages an injured party loses go beyond just the pay they cannot receive while undergoing treatment and recovering from the worst of their injuries. While those lost days of pay are an important consideration, there are other losses to address as well.
Protracted absences from work can have a chilling effect on a professional’s advancement opportunities and eligibility for raises. Additionally, injuries that have permanent consequences can impact job performance or the ability to perform key functions. Professionals may not be able to return to the same position or may not be able to pursue advancement opportunities that could have significantly impacted their wages.
They may need to estimate how their career could have developed and the pay they could have received versus what roles they can currently fill and the pay they currently command. Base pay, benefits and bonuses or commissions can all factor into an individual’s lost income after a car crash or similar scenario causes a permanent injury.
Accurately determining the income implications of a catastrophic injury can help people negotiate for a reasonable amount of compensation. A lawyer can assist with the process of calculating lost wages and lost future earning potential in a personal injury claim.