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The Primary Differences Between Lost Income & Earning Potential

loss of incomeWhen you suffer an injury following an accident due to the negligence of someone else, there are several ways you may suffer afterward. Not only can an injury affect your health, but it can also affect your ability to perform your job, either temporarily or permanently. You may need to take time off of work to heal. At Winkler Kurtz, LLP, we help our clients with their personal injury cases so they can reach the compensation they deserve and move forward on their path to healing. To learn more about the differences between loss of income and lost earning potential, continue reading below. 

What is Lost Income?

When an injury has forced you to take time off work either temporarily or permanently, you can claim a loss of income. This amount can be calculated using your salary or wages and multiplying it by the amount of time you will be out of work. This amount can include actual lost wages and future lost wages, as well as any benefits of which you are entitled. To be reimbursed for your lost income, you will need to show the following:

If you are unsure how to gather the evidence to support your claim, our team at Winkler Kurtz will always be available to help. 

Loss of Earning Potential

Another element of a loss of income claim is the loss of earning potential. In this case, a victim can seek reimbursement for the amount of money they would have made in the future if they were not injured. A critical difference between lost income capacity and lost income is that it is prospective rather than retrospective. The damages a victim may be rewarded for lost earning potential are based on:

While it is relatively easy to prove lost earnings, it is more challenging to demonstrate a loss of earning potential. Healthcare professionals may need to provide testimony to illustrate the extent of a victim’s injuries and how their ability to work will be affected in the future. Our team will work with you to examine all areas of your situation and help you build a case that enables you to achieve the compensation you deserve. 

Contact Our Office in Port Jefferson, NY

Suffering an injury can be costly. If you are out of work due to an injury and are looking to recover damages, our team at Winkler Kurtz, LLP. is here to help. Our experienced personal injury attorneys will evaluate your case and help you take the necessary steps to yield your desired results. Contact our office today to schedule a consultation.

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