When it comes to seeking compensation for a work injury, many employees are interested in receiving some compensation, not making waves at the company and getting back to work as soon as possible. That’s admirable, but at the end of the day it may not be what’s best for you and your family. Today, we explain why it is crucial that you do everything in your power to maximize your workers’ compensation settlement.
Why You Should Maximize Your Injury Claim
Some work injuries heal rather quickly, while others take months, years or never fully heal. However, new research has shown that any type of injury can affect your future earnings.
According to a study from the Workers’ Compensation Research Institute, 10 years after an injury, the average worker who suffers an injury earns 88 percent of the earnings and income an uninjured worker would have received. This means that if you make $50,000 a year, an uninjured worker would make $500,000 after 10 years (without factoring in raises). However, if that same worker were to suffer a work injury, he could reasonable expect to earn $440,000 over that same decade. That’s a loss of $60,000, or more than one year of wages.
The findings are less extreme for injured workers who receive temporary benefits for less than a year, as the statistics show they earn roughly 91 to 95 percent of non-injured employees. The opposite is true on the other end of the spectrum, as permanently or partially disabled workers only saw 69 percent of the income of a non-injured worker over the 10-year period. In the end, it’s imperative that you seek to maximize your injury claim.
Maximizing Your Claim
So how can you best go about maximizing your work injury claim? Here are some tips to keep in mind:
- Report your injury right away.
- Contact a workers’ compensation lawyer.
- Write down the important facts of your case.
- Visit an doctor to have your injuries documented.
- Collect any documents necessary to help your lawyer with your case.
When it comes to maximizing your claim, the best thing you can do for yourself and your family is to hire an experienced workers’ compensation lawyer. We can ensure you meet all the deadlines and our formulas will allow us to calculate a fair payment when the insurance company knocks at your door with their first low offer. If you don’t maximize your claim, you run the risk of missing out on your future earnings potential. Let a lawyer walk you through the process and get you every penny you deserve. Contact Dean Margolis for a free strategy session today.
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