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Business Income Loss

I represented a gentlemen who, as a result of a rear-end automobile accident, spent over two months in intensive care and a year and a half in therapy.  Three years before the accident, he had retired from his old job and started his own business as an accountant.  Due to the accident, he had clearly been unable to work for over two years.  When we asked the insurance company to pay him his wage loss for those two years, they said no, since he had not drawn any salary from his new business for that period.  You see, in the first three years of his new business, he had ploughed all his earnings back into the business to make it grow.  As a result, he took no income for himself – he lived off of savings.  We argued fruitlessly that his newly created accounting business, which had been continuously expanding up until the time of the accident, was basically bankrupted as a result of the accident and that he did lose sales, future profits and lost the ability to expand his business.

After an expensive fight involving battling accounting experts, we were able to prove that our client clearly lost growth and income for his business for at least two years.  We showed that other similar accounting practices in the region made substantial profits after initial start up losses and that before the accident, he had been on target to accomplish these same financial results.  The insurance company finally paid him for all his business losses.  Unfortunately, It took a court fight to do it.                       Peter J. Hart, Esquire