When you’re involved in a personal injury case, there’s a good chance you’ll hear the term “economic damages” frequently. Knowing what this term means can help you understand your case’s scope and what compensation you might be entitled to receive.
An experienced personal injury lawyer can help ensure you understand these essential legal concepts and work to secure justice on your behalf.
What Are Economic Damages?
Economic damages refer to the quantifiable financial losses resulting from an injury. Unlike non-economic damages, such as pain, suffering, or emotional distress, monetary damages are specific and measurable. These can include various financial costs and losses incurred due to an accident or personal injury, ensuring you are compensated for the actual monetary impact of the incident.
When you’ve been injured, it can lead to a variety of unexpected costs. Economic damages are designed to help cover these costs and can include numerous expenses related to your injury.
Medical Expenses
Medical expenses are typically the most significant part of economic damages. When you get hurt, immediate medical attention is often needed. This can mean an ambulance ride, an emergency room visit, and possibly a hospital stay. Besides these initial treatments, you might also require ongoing doctor visits, physical therapy, or specialized treatments.
Additionally, there are medication costs, and even prescription costs can increase over time. It’s not just about the treatments you need right away—economic damages also account for any future medical treatments you might require. For instance, if you’ve suffered a severe injury that will continue to need medical attention or follow-up surgeries, those anticipated costs will also be considered.
Lost Wages
If your injury keeps you from going to work, this can put a severe dent in your finances. Lost wages include all the earnings you miss out on while you’re recovering. It’s not just about the money lost during the immediate recovery period. If your injury is severe enough that it affects your ability to work in the future—maybe you need to work fewer hours, or perhaps you can no longer do your job at all—economic damages can include the potential income you would have earned if you hadn’t been injured.
Property Damage
Sometimes, the injury isn’t the only thing that needs fixing. If your car or any other personal property was damaged in the accident that caused your injury, those repair or replacement costs are also considered part of economic damages. For instance, if you’re involved in a car accident, the costs of getting your vehicle repaired or buying a new one if it’s totaled are included. This ensures that the cost of returning your life to normal is covered, not just your physical recovery.
Other Financial Losses
Economic damages aren’t limited to just the obvious expenses. There are often additional hidden costs that can catch you by surprise. For example, you might need to hire someone to help with chores around the house or pay for rides to and from the doctor if you can’t drive.
Suppose your injury requires modifications to your home, such as installing ramps or handrails to accommodate a temporary or permanent disability. In that case, the costs associated with these modifications can also be claimed. Similarly, any special equipment you might need, like wheelchairs or crutches, can be included too. It’s important to consider all these less apparent expenses because they can add up quickly and strain your finances.
Understanding these components helps ensure all aspects of your financial recovery are addressed. A personal injury lawyer can meticulously examine every aspect of your situation to ensure all possible economic damages are pursued on your behalf, ensuring you have the support you need to heal and move forward.
Calculating Economic Damages
Calculating economic damages involves combing through receipts, bills, and financial statements to document every expense related to the injury. It’s crucial to maintain comprehensive records as they serve as proof of the economic impact suffered. This documentation will be vital in presenting your case for compensation.
Lawyers, accountants, and financial experts often collaborate to ensure an accurate calculation of these damages. This precise calculation is critical since economic damages are not speculative but based on actual monetary loss.
The Role of Economic Damages in Florida Law
Like many other states, Florida’s legal system recognizes the importance of economic damages and allows injured parties to recover these losses through personal injury claims. Florida law does not usually cap economic damages, meaning there’s no upper limit to the amount that can be recovered based solely on verifiable financial losses. This ensures that injured parties can be fully compensated for every dollar spent or lost due to the injury.
Proving Economic Damages
While it seems straightforward to prove financial loss, the process can be complex. Legal documentation, financial statements, and expert testimonies may all be necessary. At Graves Thomas Rotunda Injury Law Group, we assist you in compiling the strong evidence needed to demonstrate your financial losses convincingly.
We gather medical records, employment statements, and testimonies from financial experts to ensure that all your losses are meticulously documented and presented effectively.
Contact an Experienced Attorney for Help Recovering Economic Damages
Economic damages are pivotal in personal injury cases, compensating victims for the financial burdens due to another party’s negligence. With proper legal representation, you can strive for a settlement that accurately reflects all your injury’s economic impacts. If you or a loved one have suffered an injury and need help understanding or pursuing economic damages, contact a personal injury lawyer at Graves Thomas Rotunda Injury Law Group. We can help you secure the compensation you need to focus on your recovery and reclaim your life. Schedule a free consultation today at (772) 569-8155.