Car crash injuries range from broken bones and lacerations to brain or spinal cord injuries. Many people experience disruptions in their employment or major career setbacks because of injuries acquired in motor vehicle collisions.
They may then be able to seek compensation if another party was to blame for the crash. Drivers and businesses typically need to carry bodily injury liability insurance coverage in addition to property damage coverage. Injury coverage doesn’t just pay for medical expenses. It can also help cover lost wages and lost earning potential.
How can people calculate their lost income when negotiating an insurance claim or preparing for a personal injury lawsuit?
Plaintiffs need to consider long-term losses
Some people with minor injuries have a very easy time calculating their lost wages. They miss six to eight weeks of work while a broken bone heals. That missed work represents a fixed financial value that they can easily calculate.
Others are in a more complicated situation. They have injuries that could affect their work abilities indefinitely. For example, a blue-collar worker dealing with a spiral fracture may have a permanent reduction in their strength and range of motion. They may not be able to maintain the productivity levels demanded by their employer or perform job functions safely anymore.
Any lingering symptoms and functional limitations can impact someone’s earning potential in the long term. Even if they can stay in the same job, they may no longer be eligible for advancement opportunities, bonuses or raises. Others may have to move into a lower-paid but less-demanding profession. Those individuals are vulnerable to significant lifetime losses.
They have to consider what they earned versus what they can earn in the future. The loss of their employee benefits could significantly increase the total financial impact of their injuries. Particularly for those with catastrophic injuries and well-paid careers, the financial impact of their injury could amount to hundreds of thousands of dollars or more.
It can be very difficult for those already dealing with serious injuries and the daily struggles associated with their symptoms to do an in-depth analysis of how their losses might affect their finances. Having support when preparing for insurance claims or personal injury lawsuits after a car crash can help people accurately estimate the career consequences of their injuries.
Lost wages and lost earning potential in particular can be difficult to estimate without assistance. Those who accurately estimate their lost income can pursue an appropriate amount of compensation for their financial setbacks.