Revenue loss incurred

What is incurred revenue loss?

If you are injured, it is often the case that you cannot go to work. Compensation for loss of income is intended to compensate for the loss of income you suffered as a result of the accident, from the time of the injury until the final compensation settlement.

Am I entitled to compensation for loss of income?

Answer. You are likely to be entitled to compensation for loss of income following a occupational injury, traffic accident, boating accident or plane crash.

Can you give an example of revenue loss incurred?

The most common example is when the 12-month period of sick leave is over and the injured party is no longer compensated for the loss of income by the employer and NAV. You then have to apply for work assessment allowance, which is reduced to 66 per cent of your previous income.

Another example is employees with an income higher than six times the National Insurance basic amount, or who have a bonus, commission or overtime payment that is not fully compensated by the employer and NAV from the first day of the sick leave period.

In both of the above examples, you may be entitled to compensation for loss of income.

Self-employed persons may also be entitled to compensation for their documented loss of income following an accident.

How do I claim compensation for loss of income?

Compensation cases are complicated both legally and medically, which is why we do not recommend anyone to handle the compensation settlement on their own.

In our experience, injured parties are regularly offered higher compensation when they contact a compensation lawyer.

What other items of compensation am I entitled to after an accident where liability can be placed on an insurance company?

Compensation for loss of earnings is one of several potential items of compensation following an accident involving personal injury. You may also be entitled to the following types of compensation:

- Trade compensation
- Incurred and future additional expenses
- Future revenue loss
- Compensation for redress
- Incurred and future loss of ability to work at home
- Tax disadvantage

How do you calculate compensation for loss of income?

Compensation for loss of income is calculated by finding the difference between what you would have earned if the personal injury had not occurred and what you have actually earned after the personal injury.

A specially developed computer programme is used for this.

Are pensions also considered part of the compensation for loss of income?

No. Pension is considered a future loss of income and is therefore not part of the basis for compensation for loss of income incurred.

Do I have to pay tax on compensation for loss of income?

Yes, it is. Compensation for loss of income is taxable in the same way as earned income.

Do I have to pay for legal counselling myself in order to receive compensation for loss of income?

No, it isn't. It is the insurance company that will normally cover your legal expenses if the injury occurred at work or in traffic. Depending on the terms and conditions of your insurance policy, you may also have your legal expenses covered through other liability insurance schemes.

• Read also: How an occupational injury compensation case works

Why should I choose Advokatfirmaet Halvorsen & Co?

Over 30 years, our clients have received billions of kroner in compensation. Our lawyers have extensive experience, are experts in tort law and help clients all over the country.

We always offer a free assessment of your compensation case. Get in touch with us today.