If you’ve become the victim of a car accident, it’s unlikely that you’ll return to work right away, especially if the injuries are severe. Accident injuries tend to have several consequences, one of which is loss of income. This period when the victim is out of work can be challenging for both the injured and their family.
A personal injury lawsuit allows the injured person to recover the money they would have earned had they been able to work. That’s why it is important to have a comprehensive understanding of wage loss and how it could impact the reimbursement in your accident injury case.
Here are some important points you need to know about lost wages in the aftermath of an accident:
The most reliable evidence for lost wages is documentation from your employer. Your claim can be explained through a letter backed by such documentation. Your employer may include the following information:
Lost income does not apply in case of non-economic damages. It’s also important to remember that lost wages are taxable. After receiving compensation for lost wages, it’s important to work with a legal counsel and an accountant to ensure you’re following the right protocol. Moreover, a strict statute of limitations applies in most cases. That’s why it’s important to act fast to ensure that your rights are protected.
If you are self-employed, proving wage loss becomes a little trickier. However, you can still pursue the claim by showing your past business records. You may also seek the assistance of an independent accountant to justify your calculations. Remember that in cases of self-employment, any loss of income needs to be backed by strong documentation.
Lost wages are a critical part of calculating compensation. However, it may get difficult to prove it in its entirety. Proving wage loss requires in-depth understanding of accounting and law and is often more complicated than proving the occurrence of other types of damage.
The best way to ensure you are able to prove wage loss is to seek the assistance of an experienced attorney. They are equipped to evaluate your claim and determine the best way to help you get maximum compensation.