Archive for Lost Income
Recovering lost income and benefits
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Many factors affect what and how much you can recover at the end of the case.
How soon can I recover income and expenses?
Even if it’s obvious that the other person was at fault in the accident, and even if there is a police report to support that fact, the insurance company for the at-fault party does NOT pay any claims until the case is settled. And your case cannot be settled until you finish treatment for any injuries. That means settlement can take weeks or even months, depending on the injuries you sustained and the treatment involved.
Documenting wage loss
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Most people understand that they can submit a claim to an insurance company for medical expenses and damage to a vehicle.
Did you know, though, that you can also submit a claim to the insurance company for the at-fault party to recover earnings and benefits that you lost as a result of an accident?
What is included in wage loss claims?
Whether you are an employee or self-employed, you can claim lost wages or income, overtime, bonuses, commissions, and any benefits you used.
Benefits might include vacation or sick time, contributions to a 401K or pension plan, and so on.
Temporarily covering lost income
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You were injured in an accident. You had to take off time work, so you lost income or benefits. Now you need to find a way to cover that lost income so you can pay your bills and take care of your family.
Eventually, when you settle the case with the at fault party, you can recover your lost income and benefits as well as medical and auto repair expenses. However, that might be months down the road.
In the meantime, what can you do to cover lost wages?