Although you may be anxious to find out how much your slip-and-fall injury settlement could be worse, it is important to remember that there is no average settlement amount for a slip-and-fall injury claim. There is simply too broad a spectrum of injuries and damages to settle on a specific dollar amount.
The range would be too wide to give you an accurate idea of what your slip-and-fall injury claim could be worth. However, that does not mean you cannot gain insight and understanding as to how your attorney may calculate the value of your claim.
Once your slip-and-fall lawyer has started working on your case, you can reach out to our team at High Rise Financial to find out whether you qualify for a slip-and-fall injury pre-settlement funding. Learn more about your options when you contact our loan specialists.
Damages Slip-and-Fall Injury Victims Suffer
After being involved in a slip-and-fall accident, there are many ways your life could be impacted. In addition to the financial troubles you may experience, you may also find yourself struggling to cope physically and psychologically due to the trauma you have endured.
Thankfully, when you pursue a slip-and-fall injury claim, you have the right to compensation for every loss. Your attorney will work diligently to go over your damages in detail to ensure you are seeking maximum compensation. There are three primary types of damages that can be awarded in slip-and-fall injury claims. These include:
- Economic damages – These are monetary and could include loss of income, medical expenses, property damages, and any other out-of-pocket costs
- Non-economic damages – These do not have a financial value and account for your emotional distress, physical pain, reduced quality of life, and more
- Punitive damages – These are not a loss you have the right to recover, but rather a way for the court system to punish the defendant for conduct they consider intolerable
If you are hoping to figure out how much your slip-and-fall injury claim could be worth or how much you could be awarded for your damages, it is important to go over them in detail.
Take an inventory of every way you have been affected emotionally, physically, and financially. Although your attorney may need to help you quantify your non-economic damages, doing so can help you get a better understanding of the value of your claim.
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Determining the Value of Your Slip-and-Fall Injury Lawsuit
Economic damages are easy to quantify because they can be proven with physical documentation. For example, all of your medical expenses come with bills. You may have received receipts for out-of-pocket costs, quotes for repairs, or evidence of financial losses through your bank statements.
The same cannot be said for non-economic damages. To be compensated for these fairly, your attorney will need to place a monetary value on your non-economic losses. There are a couple of different ways they can do this.
Two of the most popular options include the multiplier method and the per diem method.
The Multiplier Method
The multiplier method involves assigning a value, generally between one and five, to your non-economic damages and then multiplying that number by the value of your economic damages. For example, if your non-economic damages have been assigned a value of three out of five, and your economic damages have been valued at $500,000, your non-economic damages would be worth $1,500,000, making the total value of your injury claim $2 million.
The Per Diem Method
The per diem method involves assigning a monetary value to each day that you have suffered non-economic damages. Generally, your attorney will calculate the value of your claim using both methods and seek compensation for the greater dollar amount.
How Slip-and-Fall Injury Claims Are Paid
There are several ways slip-and-fall injury victims can recover the damages they are entitled to. Generally, victims can be paid compensation via insurance settlements or trial verdicts.
If the liable party carried insurance coverage, you may have the right to file a claim with their insurance provider. However, if this insurance coverage is not adequate enough to meet your needs, or if the defendant did not have insurance coverage, bringing your case to court may be in your best interest.
In either case, it could be months or years before you are awarded compensation for your slip-and-fall injuries, even if your lawsuit or insurance claim is ultimately successful.
What to Do When You Are Struggling Financially
When you are having trouble making ends meet following a slip-and-fall accident, you may be wondering what to do next. You have already taken steps to hold the liable party accountable and seek maximum compensation, what more can you do?
The answer is clear. Contact High Rise Financial for help today. We may be able to provide you with pre-settlement funding for your slip-and-fall injuries. This way, you can cover your costs and expenses, get back on your feet, and begin rebuilding your life after your injuries now instead of waiting for your settlement to come in.
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Contact Our Loan Specialists at High Rise Financial for Help Today
After suffering a debilitating slip-and-fall injury, you may be wondering how much you could be awarded. Unfortunately, there is not an average settlement amount for slip-and-fall injuries. However, you can work closely with your attorney to go over all of the ways your life has been affected by your slip-and-fall injuries to find out how much your case is worth.
If you are continuing to struggle financially and you do not know where to turn for help while waiting for your settlement to come in, reach out to our team of loan specialists at High Rise Financial for the financial support and relief you need. You can reach us by phone or through our secure contact form with questions and concerns.