Workers' Compensation: How Much is Your Claim Worth?

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Workers' compensation is offered by nearly every employee in the United States. If you were injured while on the job, you are likely covered for your medical bills, physical therapy, lost wages, and the cost of getting retrained for a new job if need be.

It can be very challenging to know how much your workers' compensation claim is worth. Depending on your injury and the industry you work in, you could settle for potentially millions. Two employees could get hurt at the exact same company and have wildly different settlements, depending on the situation.

Broken limbs and back injuries will typically yield higher settlements than lacerations or other minor injuries, but nearly any injury could be worth pursuing if you're unable to work. For example, a software engineer might be entitled to a settlement if she were to cut her hand at work and is unable to type.

One of your best resources for successfully winning your workers' compensation claim is a workers' comp attorney. A lawyer can help determine how much your workers' compensation settlement is worth based on how much work you need to miss, and how your future earnings are impacted. To speak with a workers' compensation attorney who takes claims in your area, fill out our Free Evaluation today.

How Do I Calculate My Workers’ Compensation Claim Value?

It can be difficult to calculate a workers’ compensation claim value because there are a lot of different factors involved. One of the biggest factors involved in deciding how much money you will receive is the severity of the injury or illness that you have endured, and whether or not it’s permanently disabling. The amount of money that you receive for a small injury like a cut is going to be much different than the amount of money that you receive for an injury like a back injury or losing a limb that could impact you for the rest of your life.

Typically, a workers’ compensation claim is calculated using a combination of:

  • Permanent Impairment
  • Impairment Rating
  • Permanent Impairment Benefit
  • Bodily Impairment Rating

When you’re calculating how much your workers’ compensation claim should be, you need to consider factors like:

Missed wages – Missed wages should include any earnings that would have occurred in addition to your usual hourly rate like tips or commission. Hourly workers who also receive tips or commissions or who usually work overtime during the week also need to take into consideration their loss of such wages as well as their loss of their hourly wage.

Medical expenses – Workers’ compensation should be paying for all medical expenses including the cost of over-the-counter (OTC) medicine such as painkillers and bandages. It is important that you keep your receipts for any medical services (e.g., doctor’s exams, X-rays, tests, and anything else related to your injury) that you receive.

Legal fees – If you hire a lawyer to help negotiate your settlement, your legal fees should be paid by workers’ compensation. It is always a good idea to talk with an attorney that has handled Workers’ Compensation claims before. This is because these attorneys will be able to guide you through the disability claims process and help you figure out what to submit with your claim.

What is the Average Workers’ Compensation Amount?

The average workers’ compensation amount received will vary depending on the claim, the type of injury, and whether or not you followed all of the doctor’s instructions. That being said, for most injuries the amount of money typically given to the injured worker is between $2,000-$40,000. It is important to remember that the severity of your injury will have a big impact on your workers’ compensation award. More specifically, compared to someone who got a temporary injury from an accident at work, an individual who is left with a permanent disability as a result of a workplace accident is going to receive more money because their accident left them with a permanent disability.

How Will I Receive My Workers’ Compensation Settlement?

Once you have accepted an offer for workers’ compensation that you feel is an accurate amount to compensate for the loss of your wages, pain and suffering, as well as other things you’ve been through, you will need to choose if you want either a lump sum payment plan or a structured payment plan. While there are pros and cons to both choices, you should keep in mind that taking the lump sum plan may result in you not being able to receive future reimbursement. This, however, is dependent on the state.

Here is some additional information on how much your workers' compensation claim is worth, depending on your injury or occupation:

Injury

Occupation

Company