Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney to discuss your rights under Indiana law.
Detailed Answer
1. Understand Your Right to Lost Income Under Indiana Law
Under Indiana Code § 34-51-2-1, you may recover economic losses such as lost earnings when another party’s negligence causes your injury. This includes net income you would have earned as a self-employed individual. See the statute: IC 34-51-2-1.
2. Gather Required Documentation
- Recent tax returns (typically the past 2–3 years)
- Profit-and-loss statements or ledgers
- Invoices and client contracts showing scheduled work
- Bank statements tied to business accounts
- Mileage logs and expense records
- Communication logs or calendars confirming booked jobs
3. Calculate Your Lost Income
Calculate your net profit by subtracting business expenses from gross receipts. Compare your average monthly net income before the accident to the period you were unable to work. Document your methodology clearly.
4. Hire an Expert Accountant
An accountant or forensic financial expert can prepare a report summarizing your lost profits. This objective analysis strengthens your claim before insurers or a court.
5. File Your Claim Before the Deadline
Indiana law sets a two-year statute of limitations for personal injury claims. Missing this deadline can bar your recovery. See Indiana Code § 34-11-2-4: IC 34-11-2-4.
6. Present Your Evidence to the Insurer or Court
Organize and include your documentation, expert report, and calculation methodology in your demand package or court filings. Present key figures prominently and maintain chronological order for clarity.
Helpful Hints
- Maintain contemporaneous records—update ledgers and logs daily.
- Use accounting software for accurate statements and reports.
- Photograph physical receipts and expense records.
- Request written confirmations for scheduled projects.
- Consult an attorney early to preserve evidence and your timeline.