A worker's comp settlement gives funds to a worker who sustains injuries in a work-related environment. The business which owns the location of the accident must usually pay for any employee medical bills and time off from the job and if the worker sues the company, the employer in question may have to give the worker money to make up for any pain and grief. The company may offer the hurt worker an out-of-court settlement to end the case quickly. This will enable both the company and worker to hopefully put the incident to rest.
Assess the amount of damages the victim has because of the accident. Keep in mind that if a worker dies or sustains a lifelong injury through the event, you need to plan to pay the number of dollars the person would have made for their remaining work years. Take the total salary the employee earned in the last 12 months and multiply that figure by the number of years he expected to work.
Factor in the cost for all of the hospital bills the patient incurs plus the fees they will pay in the future for doctor's costs. If the employee expects to return to work in 18 months, use that time period to calculate the sum of money the person needs. However, if she will not get better factor in the cost to care for her for the remainder of her life.
Take the total amount of the figures you have calculated to establish a value for pain and anguish. For example, if the patient has slight body pain, you may use a multiplication amount of 1. However, if the person has experienced great pain due to injury, use a higher number such as 12 during the multiplication process.
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