The party at fault must cover all your damages if they are at fault for an accident that results in your injuries. In addition to paying damages for the suffering you experience and repaying you for medical costs, this also entails paying you back for any lost wages or income. You might obtain restitution for such losses by bringing a claim against the responsible party. Lost wages, income, and work perks are some of the most significant losses (or damages) incurred following an injury-causing accident in Illinois.
Our experienced car accident lawyers at Phillips Law Office can assist you in obtaining lost earnings and other compensation following an automobile collision in Illinois.
Different types of Lost Wages
There are different areas under which lost wages in personal injury are covered-
- Lost Money due to lost job– The money you lose because you must miss work due to your injury.
- Used sick days- Utilized your sick days, time off, or paid leave because of your injuries. For instance, you should receive a payment if an accident requires you to miss five days of work due to illness.
- No earning capacity– Any eventual decrease in earning capacity. If the accident forces you to accept a lower-paying position or leaves you unable to work, you should be reimbursed for the entire economic loss.
- No financial assistance-Lost a loved one financial assistance when they were killed in an accident. You should receive payment for a lifetime’s worth of lost income if your spouse, parent, or other family member earned a living and provided for you when they perished in an accident.
You will get compensation accordingly depending on your income and how your earning potential was impacted by the accident.
For instance, if the injuries prevent you from ever working again, you should receive compensation comparable to how much money you would have made in your lifetime if the accident hadn’t occurred.
Calculating the amount you should receive can be very difficult, especially if you have a lifetime’s worth of lost income to consider.
Documents you need to provide to file a claim for the lost income-
- Proof of Accident- Obtaining a copy of the accident’s police report can prove that the event occurred.
- Proof of Injury– You’ll need to provide evidence of the injuries, which you can do by providing medical records or a letter from your doctor. Submitting a medical document and photos of your injury can also be necessary.
- Record of missed income and wages– A letter from your employer confirming the time you missed at work and the amount of money you lost because of your injury to present as proof of lost wages and income. The car may also require check stubs, copies of your most recent tax return, and other documentation.
In the case of a self-employed, you need to present documents, including-
- Proof of appointments cancelled due to your accident and injuries.
- Past invoices
- Previous state and federal tax returns
- 1099s or other types of tax forms
- Bank statements
How can you recover compensation for the lost wages due to an accident?
You’ve missed work time. You’ve used some sick and vacation days to keep your finances stable while recovering. You are aware that you may be compensated for these financial losses.
You must then file an insurance claim or a personal injury lawsuit to get your financial compensation. To ensure you receive the compensation you are due, follow these steps.
- Demonstrating your Injury
As you pursue compensation, be ready to encounter resistance from the defendant and the insurance provider. Insurance companies find different ways to avoid paying for the damage. They’ll take all reasonable measures to reduce the amount of money you get. This involves making the case that your injuries weren’t serious enough to require you to take time off work.
In addition to reviewing your medical history, your doctor will interview you. They’ll be curious to learn about your profession and the duties you handle. They’ll consider your injury and assess how it probably impairs your capacity to perform your duties.
The best is to seek assistance from car accident injury attorneys at Phillips Law Office, who would help in gathering documents and sharing the same with the court for compensation.
Difference between Lost Earning Capacity and Lost Income
In comparison to calculating lost revenue, determining one’s lost earning capacity is more challenging. This is because the former requires estimations based on the insured person’s potential for future employment. Consult a skilled personal injury attorney from the Phillips Law Office in Illinois for a better understanding. We can assist you in calculating your lost earning potential and recovering compensation.
How can you maximize your Compensation for the lost wage?
You should be ready to claim the lost wage with the insurance company and take your case to court. Regardless of the accident you were engaged in, the defendant has an insurance provider.
You might recover some of your lost pay by claiming with your insurance provider. But most insurance policies don’t pay for missed wages or lowered earning potential. There will be a cap on how much the insurance company must pay if the defendant carries this policy.
How to file a lost wages claim?
To file a lost wages claim, gather evidence such as pay stubs, timesheets, or employment contracts to establish your pre-loss income. Complete the required claim forms provided by your employer or insurance company, providing accurate details of the incident causing the lost wages. Include supporting documents like medical records, police reports, or witness statements if applicable. Submit the claim within the specified time frame and keep copies of all documents for your records. Be prepared to negotiate and provide additional information if requested.
Contact Our Injury Lawyer For Lost Wages Claim
An out-of-court settlement might be reached to receive compensation for your lost wages. Most of the time, the person or thing that caused your accident has insurance, such as renter’s or homeowner’s insurance, which compensates you for your losses. It indicates that the insurance company and you will negotiate your payout.
Since you cannot go back and seek additional compensation after signing a settlement agreement, the settlement must fully compensate you for all losses. This is why you shouldn’t sign any document without any consent or advice from your attorney.
You can even file a claim with the court to get compensation for the lost wage. You must demonstrate the defendant’s negligence to establish the level of your losses, which may include the amount of money you cannot earn or make owing to your injuries. Whether you settle or file a lawsuit, injury attorneys by Phillips Law Office in Illinois can help you with every part of your claim and work to get you the most money possible.