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Loss of Income Vs Loss of Earning Potential

injury-causes-loss-of-incomeIn a personal injury case, it is not unusual for an injury victim to sue for compensatory and or punitive damages. Compensatory damages are designed to replace both economic and non-economic losses due to an injury caused by the negligence of another party. Losing your job, losing income during your recovery period, and/or losing long-term potential earning capacity can feel like being a victim twice.

When an injury causes the inability to work, there is additional stress, frustration, and fear.  Stand up for your rights.  There is no limit on compensatory damages in the state of Wisconsin.  Be sure to discuss your case with an attorney that specializes in personal injury cases to determine whether or not you are eligible for loss of income and or loss of earning potential.

“Loss of Income” Compensation

Loss of income is recovered by filing a lawsuit against the negligent party that caused your accident.  A claim for loss of income would refer to collecting wages or benefits, including paid sick days and vacation, that were lost due to your injury and recovery time.  You have a right to claim this loss; it’s fairly common and easy to prove as long as your injury is what caused your work absence.

“Loss of earning capacity” Compensation

An accident can leave a victim with permanent injuries and disabilities. If you are eligible for loss of earning capacity, there is a likelihood that you may be eligible for loss of income as well.  Loss of earning capacity requires a more complex calculation to estimate future income.   The calculation takes into consideration many factors including, but not limited to:  Gathering detailed data, (including proof of income prior to accident), weighing multiple factors, and possibly hiring an expert medical witness.  Lost earning capacity, sometimes referred to as “future loss of earnings,” is also more difficult to prove than loss of income.  However, if you are in a situation where your injuries will have a long- lasting negative impact on your earning potential, it is well worth hiring an experienced personal injury to represent your case.

Action Law Offices

Any accident that causes an injury has a sudden impact on life.  The compassionate and experienced attorneys at Action Law Offices will guide you through this difficult time to ensure you receive fair compensation.  This includes gathering all of the documentation needed to calculate the amount of damages, advising with other experts, uncovering every detail, and proving those numbers in court.  Injured?  Take Action!  Contact Action Law Offices today to determine the appropriate amount for your claim.

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Before Contacting a Personal Injury Lawyer, You Should Know:

The insurance adjustor is on the insurance company’s side, not yours.

Some are aggressive and try to scare people into not making a claim or into accepting very little compensation. Other adjustors seem kind and helpful — and then use your own words to deny your claim. The bottom line: the less the insurance company has to pay out, the more incentive the adjustor has.

We will investigate to establish liability and damages.

Our law firm has extensive resources to investigate an accident and assess who was at fault, regardless of the accident type. We work with a range of investigators and experts whose expertise provides crucial information for our determination of a fair settlement value.

Our attorneys can explain your coverage and your rights.

If you were hit by an uninsured or underinsured driver, your insurance company may fail to tell you about your rights under your own policy. We can also help you understand your medical coverage under your health insurance policy.