When you suffer injuries in an accident, you must look beyond your medical expenses when seeking compensation through a personal injury claim. For the other party to make you whole, the individual or business needs to also compensate you for the money you lost because of the accidents and your injuries. You probably missed out on a portion of your wages due to recovery time after the accident. If you were seriously injured and are now suffer long-term side effects or a disability, then you likely have a diminished earning potential. Both of these types of losses should be carefully calculated during a personal injury claim.
An experienced Chicago personal injury lawyer at Staver Law Group can explain more about your right to recover lost income during a personal injury claim and how to prove these damages. Call us today at to schedule a free consultation.
What is Lost Income?
After an accident, you may spend a considerable amount of time in a hospital, rehabilitation facility, or at home to recover. During these weeks or months, you may be unable to go to work and earn a living. You have the right to ask for your lost income from this time, whether that is based on an hourly wage, annual salary, or some other schedule. Your attorney, with the assistance of your employer, can help you calculate the amount of income you lost due to your injuries and recovery time.
When you are out of work for weeks or months, you lose out on a number of employment benefits in addition to your normal wages. These may include sick, vacation, or bonus days you used while recovering, bonuses, commissions, and other perks. If you could not benefit from these types of compensation while you were injured, speak with your attorney about including them in your personal injury damages.
Your lost income and compensation are for a set period of time that has likely already occurred. They are the amount of wages and benefits you were unable to receive from the date of the accident to the date you were able to return to working, whether or not this was at your previous job. These are usually relatively easy to prove and calculate through your physician and employer’s records.
What if I am Self-Employed?
Calculating your total lost compensation when you are injured as a self-employed individual can be difficult. When you run your own business, your income may fluctuate and you are not usually guaranteed an hourly wage or specific salary. You should speak with an attorney about your self-employment income to ensure you do not calculate or accept an amount that is too low.
Your attorney will use a number of records and tools to determine your income, including your business records, previously ordered goods or services during the time you were injured, and your forecasted income. If the calculations are tricky and susceptible to questioning, your attorney may work with a forensic accountant who has experience in forecasting future income based on your previous records, your business’s rate of growth, and similar businesses in the area.
Contact a Chicago Personal Injury Lawyer Today
If you do not properly calculate your lost income, you will not receive the compensation you deserve through a personal injury claim. Do not sell yourself short. Call the experienced Chicago personal injury attorneys of Staver Law Group at to learn about lost income in a personal injury claim.