One of the most important parts of your personal injury case is economic damages. What are economic damages? Why are they important? And how can you prove them? Here are some answers to your questions.
What Are Economic Damages?
When calculating the potential damages or compensation to ask for in a case, there are two types of calculations. The first is non-economic damages, which are not based on actual funds but rather are compensation for other losses — such as the loss of consortium with an injured or deceased spouse.
The second is economic damages, which is actual money that the victim loses due to the accident or injury. They may include things like:
Lost wages due to being unable to work or taking time off for appointments
Mileage and travel costs to and from medical care
Lost income from business closures or being unable to perform services
Medical costs not covered by insurance
Medical or mobility aids
Hiring others to perform household or personal tasks due to injury
Lost earning capacity in the future
Future or ongoing medical care or rehabilitative costs
This isn't a complete list, though, as economic damages can vary widely due to personal circumstances.
Why Are Economic Damages Important?
Damage doesn't come out of thin air, and the most easily proven (as well as most easily calculated) types of damage are economic damages. This makes them a key part of coming up with a realistic and appropriate total amount.
Economic damages also can be shown to negotiators, judges, and juries. They take the solid form of such documents like receipts, bank statements, insurance forms, medical bills, paycheck stubs, and profit/loss statements. Even if future earnings calculations are done, these are generally backed up by documentation from professional evaluators.
Finally, you don't want to lose out on compensation for what you've lost financially just because you may also get something for non-economic losses (such as loss of a limb). These are two separate issues, and each deserves its own compensation.
How Can You Determine Economic Damages?
Clearly, many different factors can go into calculating your economic damages. The best way to ensure that nothing is missed is to work with an experienced personal injury attorney in your state. They'll use their expertise and training to help you find the right number to be able to move on with your life. Call today to make an appointment.