What Are Economic Damages in Personal Injury Law?
Economic damages are monetary losses that can be directly calculated and documented as a result of an injury caused by another party’s negligence. These damages are designed to compensate the victim for out-of-pocket expenses and financial impacts, ensuring they are "made whole" after an accident.
Common Types of Economic Damages
- Medical Expenses: Costs for hospital stays, surgeries, doctor visits, medications, rehabilitation, and future medical care.
- Lost Wages: Income lost due to time off work during recovery.
- Loss of Earning Capacity: Compensation for reduced ability to work or earn income in the future.
- Property Damage: Repair or replacement costs for vehicles, personal belongings, or other damaged property.
- Out-of-Pocket Expenses: Costs for transportation to medical appointments, assistive devices, or in-home care.
Why Are Economic Damages Important?
- Tangible Compensation: They address measurable financial losses caused by the injury.
- Future Financial Security: Include projections for ongoing medical care and long-term earning capacity.
- Foundation for Non-Economic Claims: Often used to support broader claims like pain and suffering.
To maximize economic damages in a personal injury case, it’s crucial to document all financial losses thoroughly. Working with a skilled attorney ensures that these damages are accurately calculated and presented, helping victims recover full compensation.
