How much Is Workers' Compensation?
Regardless of the industry, accidents can happen. If you have been injured while doing your job, employers are required to provide you with a portion of your salary while you recover. This is a fundamental right of every employee and something you should not neglect.
But how much can one expect to recover for workers’ compensation? How do you know you’re being compensated the right amount for your troubles?
Calculating the Value of a Workers' Compensation Settlement
A workers’ compensation attorney can help calculate the value of your compensation. However, there isn’t an exact number that they can specify as each case and client is different. Your attorney will have to know a few important factors before they can determine how much you should get.
Here are a few commonly asked questions.
How is the compesation settlement amount determined?
A worker’s comp settlement amount is based on the injuries sustained and how much the insurance company is willing to pay.
Compensation settlement cases are all different, so you should not base it on what your friends or colleagues may tell you. You should also stay away from lawyers that claim that they know the exact amount you’ll get or promise that you will get a specific amount. The value can only be determined after reviewing medical records as well as face-to-face meetings.
Attorneys will require your age, the extent of the injury you acquired, and the cost of your medical needs. They might also need to know how much you are getting at your work and your work history. Bringing your most recent pay stub and any medical records would be helpful.
Can I calculate my own compensation?
The compensation amount is a business decision that your employer and the insurance company will work out. There is a way to calculate it, but it’s an intricate process. They will have to check the cost of your medical care as well as wage loss benefits.
Keeping in mind that if you ask for too much, many insurance companies would decide to go to trial and you might risk losing the worker’s compensation package altogether. This is precisely why you will want to work with an expert rather than doing it yourself.
Can lawyers increase the value of my case?
Yes, experienced workers’ compensation attorneys can help you increase your case value, so you get the right amount you are entitled to and not shortchanged. If there is a trial, both you and your attorney should be prepared. That being said, having an experienced attorney on your side will make your job a whole lot easier.
What is the average workers' compensation?
The general range of a workers’ comp case is anywhere from $2,000 to $40,000. This is obviously extremely broad as each case is different, and some are stronger or weaker. Additionally, if you can do some other job for the time being or you require little to no future medical care, you will probably receive less money.
What Should I Do If My Employer offers me a Specific Amount?
There are times when companies will offer their employees a certain amount, and more often than not, employees would accept since they need the money. However, don’t fall for this trap. Often, companies offer way less than what their worker actually deserves, so if you are in the same scenario, DO NOT accept their offer without talking to your attorney first. With an experienced workers compensation attorney, you have a higher chance of getting more.