What Are Economic Damages?

Getting the Funds You Are Due

When you have a personal injury lawsuit, you may be seeking recovery from the damages you suffered. These damages may be financial, mental, and emotional. So how are you supposed to know what your claim is worth if you’re not sure what economic damages and other damages are? 

At Gibbs & Crivelli, Slingshot Law, we understand how much the costs of your injuries can impact your quality of life. That’s why we’re here to help you overcome those losses. Reach out for help identifying the value of your economic damages. 

Defining Economic Damages

Economic damages are a type of compensation resulting from verifiable monetary loss. These damages impact your financial well-being and make it more difficult to recover. An example of a verifiable financial loss is the loss in future earnings, loss of use of residential or commercial property, and earnings loss.

Economic damages are different from non-economic damages because non-economic damages only deal with non-monetary losses. Non-economic damages like pain and suffering or emotional distress refer to your emotional or mental state and may be more difficult to calculate. Fortunately, your lawyer has the tools to know your claim’s worth. 

Types of Economic Damages

One of the most costly economic damages is medical bills. Medical bills can include any medical expenses related to your accident, which means you may be entitled to past, current, and future coverage. Medical bills that qualify for monetary damages include:

• Costs of X-rays
• Blood test expenses
• Prescription costs
• Travel and lodging related to appointments
• Emergency room bills

Another type of economic damage is household services. Expenses like help with household chores or driving children to school can add up quickly. While the aid can take some of the pressure of your day-to-day life off, you may need a lawyer’s help to get these extra expenses covered by your lawsuit. 

Economic damages can also be lost wages, including future loss of income. But how is this calculated? Let’s say an athlete loses his contract because of an injury that curtailed his career. In such a case, the court might consider the amount of income he would have earned had he fulfilled his contract. 

Get In Touch With A Personal Injury Lawyer

Economic damages should cover all expenses you’ve suffered from the accident, including expenses you’ll suffer in the future because of your injuries. But the amount of compensation you will get will depend on how well your legal team represents your case. 

If you’ve suffered from a serious injury and you need your economic damages covered, get in touch with our Gibbs & Crivelli, Slingshot Law firm for a free consultation. We offer guidance to those struggling with their claims. You can get in touch with us by dialing 800-488-7840 or completing the following online contact form.