When you’re self-employed, your income depends on your ability to run your business. Getting involved in a truck accident not only interrupts your flow, but it can derail your cash flow. Unlike traditional W-2 employees, you don’t have the luxury of taking paid leave or filing a workers’ compensation claim. That makes the financial consequences hit harder.
A lawyer can ease your stress and help you recover financially
The first thing you need to do is contact a truck accident attorney. Don’t just talk to the driver’s insurance company and accept their settlement offer to move on. This approach will almost certainly leave you short-changed. A lawyer will know what your case is worth and will negotiate with the insurance company to get you paid fairly.
Insurance adjusters aren’t on your side, and when they assess your income, they might not be fair. This is especially true if your income fluctuates or your losses include lost opportunities. You’re more likely to get a proper payout when you hire a lawyer.
There’s also a chance that your truck accident involves complex liability spanning multiple parties like drivers, trucking companies, contractors, and insurers. A lawyer will investigate fully to find out who is responsible, and that can boost your compensation. For example, many truck drivers are independent contractors, which complicates legal liability against the trucking company.
Lost income hits hard when you’re self-employed
When you work for yourself, you can’t just go to the HR department and file for workers’ compensation while you take a month off to heal. If you’re unable to work, your income will likely disappear. You don’t have sick leave or vacation time to use to offset a financial loss. You might not even have disability coverage.
While you’re taking time off work to heal, your clients might not wait. If you start missing deadlines or can’t deliver on your promises, they might move their business to a competitor. This can cause long-term revenue loss. Even when your clients understand your situation, they can’t afford to pause their operations while you recover.
Proving lost earnings is difficult
Unlike workers who receive a regular paycheck every two weeks, your income might vary month to month. Proving future lost wages – what you would have earned – requires a lot of documentation and projections that can and will be challenged.
Your business operations may stop completely
If you are the main driver of your business – even if you have a small team – your business might come to a halt in your absence. If you haven’t trained anyone to step into your position, you might lose bids, contracts, partnerships, and clients just because you’re not available. And even if your business can run without you, there’s a chance productivity will drop. This can result in delays and quality issues that can hurt your reputation.
Medical bills will stack up
Medical expenses after a truck accident can be massive, even when you have a good insurance plan. If you’re suffering from a serious injury, you can expect to spend more money on your treatment and testing compared to people with minor injuries. Physical therapy, surgeries, and ongoing care can be required for months or years. If you’re earning less money or none at all, this will become a huge source of stress.
Hopefully you have additional insurance that will cover more of your expenses, but chances are, it will require paying a massive deductible first.
You’ll face a tough insurance battle
Dealing with insurance companies after a truck accident can turn into a massive battle. Trucking companies usually have huge commercial insurance policies with experienced, aggressive adjusters who will make you fight hard for every penny. Since insurance companies strive to pay as little as possible, delays and denials are common.
They might dispute the extent of your injuries, question liability, or outright deny your claim. If you do get an offer, it’s going to be far below what your claim is actually worth. The bottom line is that insurance companies are committed to minimizing payouts and it won’t be easy to get a fair settlement unless you have a lawyer.
Protect your finances and your business
Being involved in a truck accident can disrupt your financial life long-term. Commercial trucks like semis and tractor trailers are known to cause serious injuries and major property damage, but that won’t stop insurance adjusters from trying to discredit your claim. Don’t let a truck accident ruin your financial future. Get a lawyer to help you recover the compensation you’re rightfully owed.
