Accidents lead to a wide range of physical injuries, resulting in short- or long-term disabilities that impact all aspects of your life.
The loss of earning capacity affects you and your family’s future and puts your financial wellbeing at risk. Your ability to earn an income is one of the most important things to protect before and after an injury.
Understanding loss of earning capacity and getting the compensation you deserve after an injury are the first steps to resuming your quality of life after you’ve been involved in an accident.
How is Loss of Earning Capacity Different From Loss of Income?
Most people know they can make a claim to recover income that was lost due to missed work days resulting from an injury. This loss of income is a primary factor in personal injury cases.
Loss of earning capacity goes a step further by considering the reduced ability to earn income in the future. This compensates victims in a way that helps them meet their financial obligations and maintain their standard of living.
Loss of earning capacity is a separate compensation from loss of income. Compensation is determined by assessing the plaintiff’s earning potential before and after the accident took place.
The court decisions related to the loss of earning capacity are also based on other factors that include the plaintiff’s skills, experience, work profile, and current market wage rates.
Demonstrating the Loss of Earning Capacity
Working with a personal injury attorney lets you obtain the compensation you need to recover from your injuries. Demonstrating the loss of earning capacity is critical to maximizing your compensation in your personal injury case.
You need to consider past and future earnings. These consist of your earning capacity between the moment your injury took place and your personal injury trial or settlement as well as your projected earnings your claim is resolved.
Your experience and skill set influence your estimated future earning capacity. If your professional abilities are in line with a specific level of pay, you’re entitled to continue earning the wages you would have generated had the accident not occurred.
Documenting your potential and past earnings ensures that you get the most out of your settlement. Personal injury attorneys understand the complexities of this process and can help you determine what evidence to gather and present to the courts.
Plaintiffs must demonstrate that the injuries sustained in an accident have diminished their ability to earn an income in the future. Documentation and witness testimony can be used to support your claim.
Getting the Right Legal Help to Recover Your Loss of Earning Capacity
Personal injury claims can include many different types of losses. Compensation can be obtained to cover medical and legal costs, pain and suffering, property damage, and loss of income and earning capacity.
Your profession, skills, and employment history are used to establish the value of your lost future earnings. Calculating your compensation can be difficult and obtaining compensation can take time.
Your personal injury lawyer at Klob & Larrison Attorneys will help you gather the documentation you need to support your legal claims. This increases the likelihood that you’ll receive the compensation needed to recover the losses related to your injuries.
Loss of earning capacity has lasting impact on the financial well-being for you and your family. Getting the most compensation you can provide you with a secure financial future while preserving and restoring your standard of living.