I'm self employed.., how do I get paid for lost wages?

Question: Matthew, I was in an auto accident and have been unable to work. How can I get reimbursed for my lost wages?

Answer: One would hope that this would be easy - but unfortunately this is one area of liability insurance that is not. It is clear if you are an employee - I can't come to work for a week - this is how much I made during that time - so the liability settlement needs to match the lost wages.

However, for the self employed it is all about record keeping. You will need to pull out tax returns, monthly or weekly records of how much was made "historically" during the same period in past years, and calendars showing canceled sales calls. The bottom line is that you are eligible for this compensation if you were injured in an accident by someone else - but there needs to be hard evidence of the amount lost by not being able to work. The insurance adjuster is the one who makes the final decision. And even this is not hard and fast. If you don't think the offer is enough, talk to your agent (if you don't have one - call me). Most insurance companies have an an appeal processes. You may have to fight to get what is due to you. Yes - you may even need to bring in a lawyer. Sorry for the bad news - but it goes with being your own boss.

But you do not have to "just take" what is offered. Talk to the adjuster and your agent. You may be able to work it out before it gets to that point.