Recovering damages arising out of a car accident injury does n’t just include compensation for your injuries, medical treatment, and property damage; it also includes recovery of your economic loss of lost wages and earnings. In this article, the New York car accident lawyers at Gersowitz Libo & Korek, P.C. will explain to you what these economic losses entail.
What are lost wages?
Lost wages can be part of your damages if, because of the car accident, you are not able to go to your job and you lose your salary or benefits. These economic damages can include lost pay, deduction of sick leave or vacation time, or a requirement that you make up the lost work time in the future.
Your New York car accident lawyer will double-check these damages by getting in contact with your supervisor, your workplace’s payroll department, or your boss and obtaining the following information:
- the time you lost from work because of your car accident-related injury;
- the salary that you would have earned during that time period;
- the pay that you received or will receive;
- the amount of sick leave or vacation time that has been charged to you;
- how your lost time affected your chances of promotion or advancement; and
- the amount of overtime that was available during that period of time.
What are lost future earnings?
While lost wages compensate you for losses incurred in the past because of your car accident injury, lost future earnings calculate how much you will lose in the future because of your injury. Many times, this future loss will surpass the pay you lost while you were recovering from your injury. This is especially true if the car accident resulted in a permanent partial disability.
Even if you were able to return to work, you might not have been able to perform the same kind of tasks that you were able to do before your injury; this may have resulted in a reduced level of pay. If your pay is still the same, you may have suffered from lost future earnings if your advancement opportunities, overtime, or potential bonuses have been reduced.
What if I’m self-employed?
You and your New York car accident lawyer will find it even more difficult to prove financial losses if you’re self-employed or a commissioned employee. Your New York car accident lawyer may have to present your income tax records, both before and after the car accident.
If you’re a self-employed person who’s injured in a car accident, but you experience an increase of income because of favorable market conditions, your New York car accident lawyer will get an economic expert to explain the economic circumstances and the nature of the industry as a whole.
If you own your own business, you will have to measure your replacement value or the cost of hiring substitute workers.
For a free initial consultation about your car accident injury claim, do not hesitate to contact Gersowitz Libo & Korek, P.C. Our dedicated New York car accident lawyers will help you.