How to Calculate a Settlement in a Workers’ Comp Case
Under normal circumstances, an employee of a company receives financial compensation for any injuries sustained in the workplace from the employer or its insurance company. This program is aptly called workers’ compensation and is in place to assist employee that do sustain workplace injuries. If an employer or insurance company does not dispense funds for this however, there are grounds to file for a lawsuit in order to see just compensation won.
During a workers’ compensation lawsuit, the employer or insurance company will usually offer a certain amount of money to give to the injured party in exchange to either end the lawsuit or satisfy the verdict of the courts. This is known as a settlement and understanding how it is calculated will help you understand how much you should aim to pursue in a workers’ comp case.
There are four different factors that go into calculating a settlement in a workers’ comp case. The first is the incident report filed by the employee to his or her human resources department, which is then filed to the insurance company. The severity of the injury helps the company determine what the base amount might be. The second factor is the collection of medical records that are associated with the treatment of the injury. This part depends on the documentation of the injured individual, so it is always a good idea to keep excellent records of all doctor’s visits, treatments, and medication.
The third factor is determined by the severity of the individual’s disability. In a minor injury, the person will not be disabled at all and therefore this will be a null value. If the injury is severe and inhibits the person from working, it will be higher. The fourth factor, and one that is only applicable in the event of the person being unable to work, is his or her salary. Up to 60% of a person’s salary can be administered for lost wages during a workers’ comp case.
When debating whether or not a settlement is worth taking or whether you should aim for more, it is always a good idea to consult with an attorney that is well-versed in workers’ compensation law. To learn about how we at the Franco Firm can serve you in this capacity, please call us at (813) 872-0929.
