Compensation Payout Figures
Compensation payout figures represent the amount of money a person can receive by filing a compensation claim. There are many different types of compensation claims, and they are usually filed when one person suffers an injury or illness because of another person’s actions.
How are compensation claims determined?
Compensation payout figures are calculated by considering various factors. The first factor is the severity of your injuries, the more serious the injuries, the greater the amount you can claim. The next factor is medical expenses. All your hospital bills, pharmacy bills, etc. would be covered under the claim. The next factor is the loss of income because of the injury. If the injury requires bed rest, you will not work in that period. The loss of income for this period is also considered while calculating your compensation payout figures. If your injury affects your earning potential, you can include this loss in your claim. For example, if you currently earn $1000 a week and because of the injury you have to choose a different job, and you only make $500 a week there, then the difference in the earnings that you would have received by the time you retire also gets added to the claim amount. Apart from these, other factors include travel costs, repair costs, etc.
Who can help me with the compensation payout figures?
If you are willing to calculate compensation claims on your own, you can find online calculators giving you a rough idea about how much you can claim. It is an essential step because you wouldn’t want to settle for a lower compensation payout. However, if your claim is too high and unreasonable, insurance companies might get your claim rejected. Hence you would require the help of a professional who can come up with appropriate compensation payout figures and help you file a strong claim. There are many lawyers for this purpose. If the injury happens in a workplace, you can hire a worker’s compensation lawyer or a personal injury lawyer. If you were in an accident, you could hire a car accident lawyer, or if your illness results from your doctor’s negligent actions, you can hire a medical negligence lawyer. Unfortunately, if the injury leads to some form of disability, it is best if you hire a TPD lawyer.
How long do compensation claims take to settle?
The industry standard for settling a compensation claim is two years. You can hire any lawyer and wait for that long to get your claim, or you have a better option. Schreuders is an Australian law firm, whose compensation lawyers can settle any claim within 3 to 6 months. It is achieved thanks to the disbursement funding technique used at Schreuders. Using this unique technique, we can get instant access to documents that will help us to file and settle the claim much faster than our competitors.
With over 30 years of experience and a 95% success rate, our primary focus is to help you receive justice. We even have a no-win, no fee lawyer’s policy, which means that we will only charge you when we win your case. We also have a diverse team to ensure that you get personalised legal service. So, with help from Schreuders, you can not only come up with accurate compensation payout figures but can also get your compensation claim settled faster & easier. We operate in all major cities of Australia such as Sydney, Melbourne, Brisbane, Canberra, Perth, Adelaide, etc.