Calculating Compensations: Lost Income

Calculating Compensations: Lost Income (6)

Updated on Saturday 16th September 2017

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Calculating-Compensations-Lost-Income.jpgThe injury settlement also includes compensation for the lost income and the lost financial opportunities while you were hospitalized and in treatment after the accident.
Getting the compensation you deserve is important especially in those cases where the medical expenses are extensive and if you will not be able to work as you did before the accident.
One of our Los Angeles personal injury attorneys can help you recover the money lost from not being able to work while you were injured and from the work opportunities you lost as a result.

Recoverable lost income

The defendant who caused the accident is the one who will reimburse you for the lost wages. This type of compensation will cover both the wages lost while you were in the hospital and those while you were at home during the recovery period. 
It is important to provide the needed evidence when negotiating the settlement with the defendant. You will be asked to prove that you are a regular employee. For this purpose, you can ask your employer to draw up a letter with the company’s logos stating your position in the company, how long you have been working for them, your regular income and any other bonuses or commissions you might have lost while in the hospital.
The claim for lost wages can be made irrespective of the type of accident, as long as you were deprived of your regular income after the accident. Unlike the compensation for medical expenses or for non-economic damages, this amount is calculated only once and without using a multiplier. You can request the help of one of our L.A. personal injury lawyers if you need to calculate lost wages.

How to calculate lost income after a personal injury accident

You have the right to be reimbursed for your losses even if you are not a full-time employee and even if you are self-employed. You will be required to provide the adequate documentation that proves how much money you could have made during the treatment period and/or what business opportunities you lost because of the accident
The calculation method for employees who are being paid for hourly work is straightforward. You can calculate the number of regular and overtime hours you missed from work and multiply them with the per hour pay (this is usually larger for overtime hours).
Employees who receive their pay in the form of a fixed monthly wage can calculate their lost income by dividing the monthly salary by the number of worked hours, calculating the missed hours and multiplying them to calculate the losses. For more extensive injuries where the victim has missed more than a month’s pay, this method can be used by first dividing the annual salary and then calculating the lost hours of work.
An important consideration when calculating lost wages is whether or not you are the sole provider in your family. Having minor children to provide for can be a determining factor when making your claim because in most cases the settlement will also have to include the costs associated with providing for the family members. One of our Los Angeles personal injury lawyers can help you calculate your claim of you are the provider for your family.
When calculating the lost wages you can use a settlement calculator. The total settlement amount, including the medical expenses, the lost income, and others, may fluctuate during the negotiation period.
You can talk to one of our Los Angeles personal injury attorneys if you need assistance after the accident.


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