After an injury in an accident, you may be wondering what you are entitled to in terms of reimbursement, especially when it comes to loss of income.
Below, you’ll find out how to get loss of income compensation to stay on your feet after an accident.
Understanding Lost Income
Lost income includes any money you lost because of an inability to do the job you held at the time you were injured. It can also include reimbursement for any employment opportunities you could not take advantage of due to your injuries. This applies whether you were employed full-time, part-time or occasionally. It also applies whether you received hourly pay, salary or were self-employed.
Any income you’ve lost because you were undergoing treatment for your injuries should be reimbursed by the person who was responsible for the accident. In addition, if you are unable to use your sick leave or vacation pay because of your accident, it can be considered the same as lost pay, which means you can be reimbursed for it.
Reimbursement can happen only after you demonstrate that you missed work because of your accident and show evidence of the amount of money you would have made during this time.
How to Document Lost Income
If you are a regular employee, documenting your income loss is simple. You can simply ask your supervisor to write a letter that states your name, position, pay rate, hours you typically work, and hours or days you missed after your accident.
Documenting Income if you are Self-Employed
It can be more difficult to prove your income loss if you are self-employed or employed occasionally. If you have invoices that demonstrate a drop in income, a calendar that features canceled appointments or meetings, or other evidence, this will be helpful.
After you’ve assembled these documents, compile your billings, invoices, payments received, or other documents to calculate an average income. Once you have these numbers in order, showing how much you lost from not working should be easier.
If your work is more sporadic, you can add up what you make over a year and then divide it into a monthly average. A tax return will work best for these purposes. Remember that you don’t need to show the insurance company any deductions or exemptions, only your gross income. If your earnings during the year were low, include several years’ worth of income documentation when you average.
Lost Opportunities
If you lost any opportunities for employment (such as interviews or meetings) because of your accident, you can also be reimbursed for these, although putting a monetary value on lost opportunities is more difficult. Even if you’re unsure of the dollar amount you lost, putting lost opportunities in your claim will increase the final amount of compensation you receive. The better the proof you can provide, the higher your final compensation will be.
Working with an experienced personal injury lawyer is the best way to make a strong case for loss of income benefits. If you have been injured in an accident, it is a good idea to schedule a free consultation with an Accident Benefits lawyer as soon as you can.
Now that you’ve learned about the loss of income benefits you may be entitled to after an accident, find out more by downloading our free personal injury recovery kit, or contact us for a free consultation.
