In a split second, an accident can irreversibly change the course of someone's life. Whether an injury is caused in a car crash, work accident, sudden fall, or another type of accident, it is likely to have a profound impact on the victim. This is especially true of catastrophic injuries that result in permanent disability. Someone who is permanently disabled in an accident may be unable to fulfill the career plans he or she intended.
Individuals who suffer severe injuries that impact their ability to earn a living may be entitled to compensation for lost earning capacity. Read on to learn more.
Reduced Earning Capacity Caused by a Catastrophic Injury
Personal injury claims are used to pursue financial reimbursement for damages. Lost income and lost earning capacity are two categories of damages that are common in catastrophic injury cases. Lost income or lost wages refers to the income a person misses out on while he or she is recovering from an injury. Lost earning capacity, on the other hand, refers to the loss of a person's ability to earn an income....