How to Determine a Workman's Comp Settlement
A worker's comp settlement is an amount of money awarded to an employee who was a victim of an injury received at work or while performing work-related duties. The company or employer is typically responsible for such injuries and, if taken to court by the victim, that company or employer can be held accountable and forced to pay the victim monetary compensation. In an effort to save money and keep the incident from receiving a lot of attention, the company or employer may settle with the victim.
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Instructions
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Determine the full extent of all injuries that were sustained in the incident. If death or permanent disability is involved, figure the amount of income the victim would have earned over the course of his life. Total the amount of money the victim previously made per year and multiply that by his life expectancy. This will give you a base figure to work with.
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Total the full amount of medical care the victim has received as well as the medical care he will most likely need for the length of the injury. If the victim is expected to recover within one year, use that year to determine the amount of medical costs the victim will need. If the injuries will not improve, total the expected amount of medical care the victim will need for the rest of his life. By adding the medical care costs with the loss of wages income, you will have an estimated value to work with.
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Multiply the existing total to reflect pain and suffering in the workman's comp settlement. For instance, if the victim was mildly injured, you might multiply it by 2. However, if the pain and suffering caused by the injury was severe, you might multiply it by as much as 10 or more. This is dependent on the severity of the injuries as well as the pain and suffering caused by those injuries.
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Tips & Warnings
No worker's comp settlement should be figured without the help of a good worker's comp or personal injury attorney who can explain the latest changes in the laws and advise you on the proper amount to allow in each category above. Even if you don't employ a lawyer upfront, seek legal advice before before agreeing to a settlement.
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Comments
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ok I am confused. I was in a horrific accident last year. my pelvis was shattered in 2 places, I was 'degloved' on a little over half of my left leg, and 'degloved' on parts of my right hip and thigh. I have had several (about 30) operations and I was in the hospital for 6 months. right now the total bills are almost 1 mil. so how would I figure this up?
