Can I be compensated for lost income if I am self-employed?
Yes. If you are self-employed you are entitled to claim income loss if you’ve been unable to work as a result of injuries incurred in an accident. Furthermore, a self-employed person may be entitled to costs which are incurred by having to hire additional and/or substitute workers to perform tasks which are necessary to maintain the business which ordinarily are performed by the injured individual.
Unlike simply losing income because you had to stop working for a company, losing self-employed income is usually more complicated and often requires a forensic economist (a specialist in determining economic losses) to consult on your case, especially if your claimed losses are substantial.
Keep in mind, the damages to which you are entitled, if provable, include not only lost income, but also loss of earning capacity (further discussed later), lost profits, lost business opportunities, and loss of good will.Return to Auto Accident FAQs