Lost Income vs Lost Compensation
Lost Income vs Lost Compensation
Courts have traditionally ruled that personal injury victims are entitled to reimbursement for all the income they lost while treating and recovering from their injuries. That lost income includes not only the wages a victim would have earned if they hadn’t been injured, but any additional compensation on top of a normal salary.
Lost income (or wages) is the amount of money your employer pays for the work you do. The money may be paid weekly, bi-weekly, or monthly, and comes in the form of a company check or direct deposit.
Lost compensation represents the additional financial benefits of your employment, plus what you have the capacity to earn. It’s compensation over and above your lost income. For the purposes of personal injury insurance settlements, lost compensation can include sick and vacation days, pay bonuses, and other perks of employment.
Letter from Your Employer
To be successful in your claim, you need to produce legitimate proof of the income and additional compensation you lost during your treatment and recovery. This comes in the form of a written letter from your employer. Make sure it’s on company letterhead and signed by a manager.
The written documentation from your employer should confirm:
- 1. The days you were absent
- 2. Your hourly pay or salary at the time of the injury
- 3. The number of hours you normally work each pay period
- 4. Any overtime you worked in the weeks or months before the injury
- 5. Any special projects you were working on that would have resulted in additional compensation
- 6. A promotion you were being considered for, but now isn’t available
- 7. Any lost prizes for work performance, including vacations, tickets to shows, etc.
- 8. Vacation, sick and bonus days you used while recovering
- 9. Any perks or other benefits you lost
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