Detailed Answer
As a self-employed professional in Virginia, you can recover compensation for lost income if another party’s negligence caused your accident. Under Va. Code § 8.01-668, you may claim damages for lost wages or diminished earning capacity. Follow these steps to document and claim your loss:
- Prove self-employment status. Collect business registration documents, IRS Schedule C filings, bank statements, and client invoices. See IRS Schedule C.
- Record pre-accident income. Use at least two years of tax returns, profit-and-loss statements, and 1099 forms.
- Track post-accident income loss. Maintain daily logs of hours you couldn’t work, canceled client projects, and unfulfilled contracts.
- Obtain professional verification. Ask an accountant or CPA to prepare a loss-of-income report showing net profit reduction.
- Gather supporting evidence. Include correspondence with clients, emails about project delays, and estimates for work you missed.
- Submit to the insurer or file suit. Present your documentation to the at-fault party’s insurance company. If they deny or undervalue your claim, you may file a lawsuit within Virginia’s two-year statute of limitations (Va. Code § 8.01-243).
Helpful Hints
- Keep digital and paper backups of all records.
- Use a consistent file-naming system for invoices and receipts.
- Log daily activities with dates and estimated hours lost.
- Consult a medical provider to link injuries with work absence.
- Review your insurance policy to verify coverage for income loss.
Disclaimer: This article provides general information and does not constitute legal advice. Consult a qualified attorney before making decisions.