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How Can You Calculate Lost Income After a Car Accident If You’re Self-Employed?

How Can You Calculate Lost Income After A Car Accident If You’re Self-Employed?

Your entire life is impacted when you’re seriously injured in a car accident that was someone else’s fault. Being able to enjoy doing the things that you’re used to doing may be impossible or difficult, depending on the severity of your injuries. The medical costs of treatment for your injuries can be exorbitant, and affording those costs can be made worse by your inability to work during this time. Sure, some accident victims may be employed by companies or agencies where they have paid leave.

Some accident victims are self-employed, however. The financial implications of being seriously injured in a car accident for someone who is self-employed can be even greater, not only for your livelihood but also for the sustainability of your business.

How to Calculate Your Income from Self-Employment

If you’ve suffered from serious injuries in a car accident, you likely need time to receive medical treatment and to begin recovering from those injuries. The time you take from work can cause significant financial loss. If someone else caused the car accident, you can pursue compensation for the income you’ve lost as a result of not being able to work because of your injuries.

To obtain compensation for your lost income, you’ll have to prove how much income you’ve lost. This can be difficult for self-employed accident victims. When you’re self-employed, your income can vary from week to week and month to month. Your income could be higher during certain times of the year depending on what kind of work you do or the service you offer. Because of these fluctuations in your income, you’ll have to provide detailed documentation of your earnings.

One way you can prove your lost income during your recovery is by providing your invoices, records of profits, receipts, and other accounting records from the prior months and/or years. These documents could show the typical amount of income that you’ve earned during a particular period. Another way to show the income you’ve lost if you’re self-employed is by providing your recent years’ tax returns. You can also provide copies of your upcoming contracts to show the work you must cancel because of your injuries.

How You Can Be Compensated for Your Lost Income After a Car Accident

When you seek compensation for accident-related injuries, you typically start by filing a personal injury claim with the at-fault driver’s insurance company. You’ll negotiate with the insurance company for compensation in the amount that you believe your claim is worth. If the insurance company doesn’t offer you fair compensation for your injuries and resulting losses, you can file a lawsuit against the at-fault driver.

If you’re self-employed, however, filing a personal injury claim with the insurance company could be a futile effort. Insurance companies are unlikely to agree to fully compensate you for your lost income while self-employed because it requires more complex calculations and consideration. For your best chance of obtaining the compensation you’re actually owed, you need an experienced personal injury lawyer on your side.

Call the Dedicated Car Accident Attorneys at Whitestone Young, PC, Today

The Whitestone Young, PC, Virginia personal injury lawyers have more than 40 years of experience helping injured victims fight to get fair and full compensation for their injuries and hold the people who harmed them accountable. We’re aggressive in our advocacy for our clients to get the justice they deserve. You’ll benefit from the expansive legal skills and litigation experience of our car accident lawyers.

For help pursuing compensation for your lost income and other losses you’ve incurred due to your accident-related injuries, call Whitestone Young, PC, at 703-591-0200 or contact us online.

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