A motor vehicle accident can happen in an instant, but the consequences can last a lifetime. Among the most serious injuries resulting from a collision is a spinal cord injury. If you are an established professional or business owner in the Boston area, sustaining this kind of injury can threaten not just your health, but the career and financial security you have spent years building.
What does a spinal cord injury cost executives and business owners?
Not all spinal cord injuries result in complete paralysis, but even a partial injury can make it impossible to return to the work you did before. Executives, managers and business owners depend on the ability to perform at a high level every day. Chronic pain, limited mobility, and long-term rehabilitation can make that very difficult.
The losses run deeper than money. For a senior executive, a spinal cord injury can mean losing a six-figure salary and years of earnings. For a business owner, it can mean watching a company you built slowly fall apart.
What does Massachusetts law say you are owed?
Under the state’s motor vehicle negligence damages guidelines, you may be entitled to compensation for your medical expenses, pain and suffering, loss of enjoyment of life and lost earning capacity.
Earning capacity is often the largest category of compensation. For executives, courts look beyond your current salary and bonuses to the full trajectory of your earning potential. For business owners, courts examine what you personally contribute to your company and what that loss means long term.
Settling too quickly could cost you significantly
When an insurance company makes a settlement offer, they may not necessarily calculate what a policyholder is truly owed. Instead, they might be calculating what it takes to close the case.
However, the impact of a spinal cord injury can take months or years to fully understand. The true cost of your injury, including future surgeries, ongoing rehabilitation, and the permanent impact on your ability to work and earn, may not be clear in the weeks after the accident. Settling before that picture is complete may result in a settlement that does not cover long-term costs.
For executives and business owners, the stakes are higher. Courts will consider your long-term earning capacity, not just your income at the time of the accident. Accepting a settlement that ignores this could leave you significantly undercompensated for years to come.
Once you settle, you cannot go back.