When an individual is injured and unable to work, they experience what is called a loss of income. This can be difficult to deal with, especially if you don’t know how to go about getting compensation for lost income after an injury.
If you’ve been injured in an accident that wasn’t your fault, you may be wondering how you can get compensated for the income that you effectively lost. Depending on the severity of your injuries, you may be unable to work for a period of time, which can lead to financial difficulties.
There are a few different ways to get compensation for lost income after an accident. If you have a good case, you may be able to get compensation through a personal injury claim. You can also look into workers’ compensation if your injuries were caused during your working hours. An experienced personal injury lawyer can help you decide which route best suits your case, and can also make the process a lot easier.
What Is the Definition of Lost Income?
There are a few different types of income that can be considered lost after an accident. First, there is your regular salary or wages. If you are unable to work because of your injuries, you will lose out on this income. In addition, you may also be entitled to compensation for any bonuses or commissions that you would have earned had you been working. Finally, you can also receive compensation for any benefits that you would have received, such as sick pay or maternity leave.
To make it clear, your lost income claim should include;
- Your regular salary.
- Bonuses you would have received had you been working.
- Your vacation allowance.
- Salary increment not received.
- Missed retirement contributions.
- Other lost benefits like sick pay.
How Do You Prove Your Lost Income?
The best way to prove your lost income is with documentation. This can include pay stubs, tax returns, or bank statements. If you are self-employed, you will need to provide documentation of your earnings, such as invoices or contracts. You should also keep a record of any benefits that you would have received, such as sick pay or maternity leave.
It’s important to keep in mind that you can only claim lost income for the time period that you are actually unable to work. For example, if you miss two weeks of work but are then able to return to your job on a part-time basis, you can only claim lost income for those two weeks.
There are two main ways you can prove your lost income was a direct consequence of your injuries;
- Medical Records: If your injuries prevent you from working, your doctor can provide documentation of this. Your doctor should clearly state in writing that your injuries make it unsafe for you to go back to work. He should also state how long you’re expected to be away from work.
- Work Records: If you have been absent from work or have had to take a pay cut because of your injuries, your employer can provide documentation of this. They should provide a report that clearly shows how much time you’ve been away from work and how much you’ve lost as a result.
Proving Self-Employment Income
It’s not so easy to prove lost self-employment income in a personal injury case. However, it can be done.
The best way to show lost self-employment income is with invoices and contracts. If you can provide evidence of work that you’ve missed or projects that you’ve had to cancel, this will help your case tremendously. You should also provide bank statements that show a decrease in earnings.
Here are some documents that may help prove your case;
- Business bank account statements.
- Bookkeeping records.
- Tax forms or tax returns.
- Other related business documents.
How Do You Prove Future Income Loss?
If you are unable to return to work in the foreseeable future, you can claim lost income for the rest of your life. This is called future income loss.
To prove future income loss, you will need to provide evidence that supports your claim. This can include medical records, work records, or expert testimony. You should also provide documentation of your current earnings and what you expect to earn in the future.
Future loss income compensation is usually affected by the following;
- How much you’ve earned before the accident occurred.
- Will it be possible for you to change your form of employment?
- Are you likely to recover from your injuries? If yes, after how long?
- How many productive years are you likely to lose as a result of the accident?
How to File a Claim
If you are looking to file a claim for lost income after an accident, it is important to speak to a lawyer. They will be able to help you determine if you have a case, and if so, what the best course of action is. Contact a lawyer at Gertsoyg & Company today!
What Steps Can a Personal Injury Lawyer Take to Help You Get Compensation for Lost Income?
An experienced personal injury attorney can help you gather the evidence you need to prove your lost income claim. They can also negotiate with the insurance company to get you the compensation you deserve.
At Gertsoyg & Company, you’ll have access to an experienced personal injury lawyer and a team of legal assistants ready to fight on your behalf. If you have any questions about getting compensation for lost income after an injury, please don’t hesitate to contact us at [phone]. We would be happy to help you in any way we can.