Claim Advice

How Compensation Payout Amounts are Calculated

There are many possible reasons you may find yourself making a compensation claim. Usually, a compensation payout is received if you have suffered injury or harm due to another person’s negligent or wrongful actions.

Compensation payout amounts will depend on the severity of your injuries and the circumstances of your situation. Compensation payouts can cover a number of monetary losses. Read on to learn more about how compensation payout amounts are calculated.

Personal Injury Claims

A personal injury claim refers to cases involving physical or psychological harm suffered by an individual due to the fault of another responsible party (e.g. motor vehicle driver, owner of a public space or a workplace).

There are a number of personal injury claims such as:

  • Motor vehicle accidents
    If you are the victim of a car crash, motorcycle, truck, cycling or any other motor vehicle accident, you may be entitled to receive compensation.
  • Workers compensation
    If you suffer an injury at your workplace, in some circumstances you may be able to receive compensation. It is important to know your rights as an employee so that you can take appropriate action if you have been mistreated.
  • Medical negligence
    If your medical practitioner has acted negligently/failed in their duty of care to you, resulting in unforeseen injuries, you are entitled to receive a compensation payout.
  • Public liability
    If you have a slip and fall incident in a public space then you may be able to claim for public liability compensation.

When Are You Entitled?

Each state or territory in Australia has different requirements for pursuing particular compensation claims. The best way to know if you are entitled is to speak with experienced compensation lawyers so that you are getting the right information for your case.

In most cases, you must be able to prove that you were physical or psychological harmed due to another person’s negligent actions, and this has resulted in financial losses or loss of quality of life. There are also strict time limits for making personal injury claims, so you must act immediately if you believe you are entitled to a compensation payout.

What Will Your Compensation Cover?

Compensation amounts for injuries will be calculated depending on the type of personal injury claim your case involves. Usually, a monetary value is decided upon after assessing the individual’s life before the injury occurred and their life afterwards. Your compensation typically covers:

  • Medical expenses incurred from the injury
    Cost of medical care, prescriptions and medication relating to your injury.
  • Home care
    Expenses incurred if you need to have a home carer or make alterations to your home due to your injury.
  • Financial loss or loss of earnings
    Present and future monetary loss to your business or loss of wages due to being unable to work.
  • Physical and psychological pain or suffering
    Physical pain and long-lasting psychological trauma are also taken into account when calculated compensation payouts.

How Much Will It Cost?

A compensation claim can be costly when you take legal fees into account. However, many compensation lawyers offer a no win, no fee guarantee which means that you can pursue your claim without worrying about paying your legal fees upfront. The cost of legal representation is dealt with after your case has concluded, and fees are determined based on whether your case was successful or not.

Experienced no win, no fee lawyers are able to give you a good idea of how likely your case is to be successful. If your case is successful, you should be able to cover most legal fees with the compensation payout you receive.

How Long Will It Take?

An average claim can take up to 12-18 months depending on the circumstances of the case. More complex cases usually take longer and can take years to come to a conclusion. Generally, you will have to wait for your injury to stabilise before you can begin a compensation claim.

Some injuries may require a rehabilitation period where the claimant must undergo physiotherapy before a medical professional can give a final assessment of their injuries. The reason you must wait for injuries to stabilise is so that there is assurance that your injury will not get better or worse in the long-term and you are not at risk of under-settling.

If you are looking for an experienced personal injury lawyer to represent your case, contact Schreuders. We can give you a free consultation with our no win no fee lawyers and make sure you receive the best legal advice for your case.

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