Claiming Compensation Image by Leandro Aguilar Pixabay 4703934

5 things to know when claiming compensation

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An accident can happen to anyone at any time. And the resulting injuries can have a huge impact on your life

If you are injured and have lost time at work or have mounting medical bills, you may want to seek compensation from an insurer or responsible party. To be successful in a compensation lawsuit, you will need the help of a professional.

Trying to navigate the Australian legal system on your own when seeking compensation for your injuries is not advised. Seeking out the best compensation lawyers Sydney has to offer as your legal representation can help you get the money you deserve.

The legal system has created an opportunity for those that have been injured to collect compensation. However, it’s not as simple as applying for funding and receiving a cheque. Let’s take a closer look at a few things that you should know when claiming compensation.

1: Pursuing a compensation claim

Depending on the nature of your injury and the circumstances surrounding your accident, how you go after compensation may differ. If dealing with a private entity, you may be able to have your attorney negotiate a settlement with the party and their insurance provider directly. This method is much less costly and will reduce the stress on the injured party. If you can’t agree, you may be forced to file a personal injury claim in the courts. This will mean that the courts will decide your compensation and the process will be extended.

2: Time limits

It’s extremely important to the success of your claim that you recognise that Australia has time limits in place for how long after an injury you can file a case. You will have up to three years following your injury to file a claim. In the case of statutory benefits, including injuries sustained in a car accident or worker’s compensation claims, the time limits may be more uncertain. Your local laws may also have some influence on how long you have to file an injury claim. It is crucial to speak to a lawyer soon after your injury to avoid having problems with time limits.

3: Calculating compensation

The amount of compensation that you will receive for your injury is not a set amount or a base calculation. Your compensation amount will be greatly influenced by many factors. You may receive more money than what covers only your medical bills. You could claim your pain and suffering, loss of income, and continued care.

The amount of your compensation will also depend on your future earning potential and your career choice. The more money you make and potentially would have made had you not been injured, the more compensation you are likely to get at the end of your case.

4: Tax-exempt

When you receive your compensation for your injuries, you will not have to worry about losing a significant portion to taxes. Australia does not seek taxes from amounts won in this type of case. The amount you receive is meant to be a repayment for injuries and expenses on the money you have lost or already spent and taxed. However, it is still a good idea to work with a tax professional when you receive your compensation to deal with taxable issues, including reporting requirements.

5: Timeline

There is no way to predict how long it will take to settle your compensation case. Every case and circumstance is different. It’s essential to trust that your legal team is advocating on your behalf to finish your cases as soon as possible. If you can settle without going to court, you could end up with your compensation payment in just a few months. If you are forced to go to court, the process will be much longer.

Injury cases could stretch for several years through the courts. This means that you could end up losing more money to household bills, medical bills, and lost income while you wait for your case to be settled in the courts.

Sustaining an injury can upset every part of your life. You may not be able to work at your career for an undetermined amount of time. Or perhaps you’ll have mounting medical bills that will stretch on into the future. To claim compensation for your injuries is a process that is best done with the help of a professional attorney. It’s crucial to get the guidance and advice that an attorney can give you during the claims process. You could be waiting for months or years before you see any compensation. Follow these tips to help you be successful in your injury compensation journey.

Image by Leandro Aguilar, Pixabay.

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