Detailed Answer
If you run your own business and suffer an injury in an accident in Mississippi, you can claim compensation for lost income. To succeed, follow these steps:
1. Establish Your Self-Employment Status
Prove you work as an independent contractor or sole proprietor. Gather your business license, registration documents, tax returns, and invoices. Consistent records help verify your self-employment. Reliable proof strengthens your case.
2. Calculate Your Lost Income
Compare your earnings before and after the accident. Use tax returns (Form 1040 Schedule C), bank statements, and profit-and-loss reports. For future income loss, obtain an expert analysis showing how the injury affects your business capacity.
3. Document Your Income Loss
Maintain clear, dated records. Include:
- Financial statements
- Invoices and receipts
- Tax returns
- Bank statements
- Profit-and-loss reports
Ask an accountant to prepare a formal income-loss summary. This summary speeds claim review.
4. Submit Your Claim
File a claim with the at-fault party’s insurer. Attach your documentation and the income-loss summary. Under Mississippi law, you may recover special damages, including lost earnings (Miss. Code Ann. § 11-1-60). Follow the insurer’s deadlines and procedures.
5. Pursue Compensation in Court
If the insurer denies your claim or offers insufficient compensation, consider filing a lawsuit. Mississippi courts allow you to recover past and future lost profits as special damages. Prepare to show detailed financial evidence at trial.
Disclaimer: This article is for educational purposes and does not constitute legal advice. Consult a licensed attorney to discuss your specific situation.
Helpful Hints
- Keep daily logs of lost work days and income.
- Take photos of injuries and medical records.
- Get written statements from clients about missed work.
- Review your insurance policy for claim deadlines.
- Consider hiring an accountant for precise calculations.