Losing income due to an accident can increase the financial hardship you experience. If you’re unable to work after an accident, it’s crucial to understand that you can seek compensation for your lost wages. Please continue reading as we explore what you should know about these matters and how a dedicated New York City Injury Lawyer can help you fight for the compensation you need to get your life back on track.
What Are Lost Wages?
First, it’s important to understand that lost wages refer to any income lost due to injuries or inconvenience caused by an accident. It reflects the wages you would have earned from work if you hadn’t been injured or unable to work. This typically includes your salary, bonuses, overtime, and other benefits.
When you file a personal injury claim, you’ll find that you can seek compensation for both economic and non-economic damages. Economic damages represent your tangible financial losses that can be easily documented, such as medical bills, lost wages, property damage, and future lost earning capacity. Non-economic damages, on the other hand, are subjective losses that cannot be easily assigned a specific monetary value. These damages are usually more challenging to assess and quantify. They may include pain and suffering, mental anguish, disfigurement, and loss of enjoyment of life.
How is Lost Income Calculated in a Personal Injury Claim?
If your injury has prevented you from working, you can file a personal injury claim to seek compensation for the income you lost while recovering. If you’re unable to work for a specific period, calculating the income you would have earned is quite simple. Generally, to determine lost wages for hourly employees, you’ll need to multiply the number of hours missed by their hourly wage. Calculating lost wages for salaried employees is much more complex. You’ll have to divide your annual salary by the number of workdays in the year, then multiply by the number of days missed.
In severe cases, where an individual is permanently unable to work due to an injury, there are several factors to take into account. This includes their age, occupation, the severity of the injury, current job market conditions, and potential for future career advancement. If the person can retrain for a different position with a lower earning capacity, this will be factored in. As such, it’s crucial to connect with a seasoned attorney to discuss your rights and legal options.
In complex cases, an attorney may engage expert witnesses like medical professionals who can provide testimony, detailing accurate calculations for your lost wages based on the severity of your injuries and the limitations they pose. An account can also help asity can help the court understand inflation and potential future wage growth when estimating your future earnings.
As you can see, when you pursue a personal injury claim, there are various types of compensation you can recover to help cover the financial and emotional toll of an injury. At The Bàez Legal Group, we are prepared to help you fight for the compensation you deserve. Connect with our firm today to learn more about what we can do for you during these difficult times.
