3 Types of Lost Wages You Could Recover After an Injury
Did you know that there are three types of lost wages you could recover after an injury? Many people believe they are limited to the wages they lost due to missed work while recovering from an accident. Past lost wages are not the only type of lost wages you could recover! Accident victims often lose future wages due to their injuries, and many experience lost earning capacity when injuries limit their work or prevent them from working.
Our firm helps hourly, salaried, and gig or contract workers recover the lost wages they deserve after serious accidents. Learn more below about the different types of lost wages that you could recover if you’ve been injured.
1. Past Lost Wages
Recovery of past lost wages due to an accident is typically straightforward to sort out. If you were the victim of an accident caused, at least in part, by someone else, then the other person is liable to pay damages for any wages you lost due to the accident. To help you figure out the amount of your past lost wages, your attorney will need the following information:
- Your current pay rate
- Pay rate for overtime or holidays
- Any other compensation you receive, such as bonuses or stock options
- Your typical hours, days worked, or scheduled shifts
- How many of those hours, days worked, or scheduled shifts you missed due to the accident itself or seeking medical care related to the accident
If you had to take significant time off from work to recover from your injuries, past lost wages can add up quickly. Many of our clients have very little paid sick time available at their jobs, so they may have to take unpaid time off or go on a temporary leave. We help recover past lost wages to compensate you for the time you should have been working, had it not been for the accident.
2. Future Lost Wages
Not everyone knows that accident victims can recover future lost wages under the law. Future lost wages are compensation for earnings you would have received in the future but will not earn due to the accident. For example, you may need to take time off work in the future to attend ongoing medical appointments, see a physical therapist, or get surgery. Further, you might need to work part-time for a while or reduce your hours as you recover. Additionally, some people need to go on short-term or long-term disability as they recover.
Similar to past lost wages, future lost wages are calculated based on your current earnings and work schedule. There may be adjustments if you can show that you would have earned more or worked more in the future (as discussed below), or in other situations, depending on your circumstances.
Especially for people injured in the prime of their careers, future lost wages can be substantial. It’s worth having a lawyer, such as experienced accident attorney Cary Woods II, look over your case to get assistance recovering the lost wages you deserve. Don’t let the insurance company lowball you when you will lose income for years to come because of an accident.
3. Loss of Earning Capacity
Loss of earning capacity occurs when an accident limits your ability to do your job or reduces your ability to work in the future. Unfortunately, serious accidents can be life-changing. Victims may find that they can no longer perform their previous jobs. Others may require a permanent reduction in hours worked. Still others may have to go on long-term disability or quit their job and seek Social Security disability benefits because of their impairments.
The loss of earning capacity category of lost wages is intended to compensate victims who are limited at work in the ways described above. Big insurance companies do not want to admit that they might have to pay damages for loss of earning capacity, because it is very expensive for them to do so. They’ll do everything they can to get you to agree to a smaller settlement that does not take into account the fact that you had to reduce hours, change jobs, or quit because of your injuries. Make sure you receive the compensation you deserve by reaching out to our firm.
Do you have questions about how to recover lost wages after a serious accident? Call the Law Office of Cary Woods II to find a personal injury attorney who will fight for you from the start. With a winning combination of commitment to superior client service and deep knowledge about the giant companies our clients face, our Miami-based firm gives hope back to injured Florida clients. You can schedule a free consultation with the Law Office of Cary Woods II by calling (786) 750-7872 or filling out our convenient contact form.
