What Are Economic Damages?

Economic damages in a West Palm Beach personal injury case are the actual financial losses you suffer as a result of your injury. Accidents have the potential to cost you money in both direct and indirect ways. These financial losses are in addition to the intangible ones you may have also suffered. 

In the legal realm, damages refer to the amount of money an injured person or corporation may recover following an accident. If you’ve been hurt in a car accident, a slip-and-fall accident, or another type of personal injury, you can consult with a personal injury lawyer at The Law Offices of Casey D. Shomo. But what are economic damages? Let’s have a look.

Economic Damages Now and in the Future

Some financial losses occur right away. Following the accident, you may receive bills and receipts for expenses incurred. In the weeks and months following the accident, you may be able to calculate medical expenses, lost time, and property repairs. 

You may be eligible for more monetary damages in the future. For example, as a result of your injury, your career path may be altered. You may be saddled with medical debt for the rest of your life. You may be unsure about the exact value of these damages without the right tools.

How Are Economic Damages Calculated?

To recover compensation for your financial losses, you can settle your personal injury claim or file a lawsuit. Settlements outside of court are common, but if the insurance company refuses to give you a settlement that fully compensates you for your losses, you must file a lawsuit. 

When you file a claim, the insurance company will investigate the accident and request proof to support your claim. Documents confirming your financial loss, such as work or hospital printouts, are frequently included in this evidence. Your lawyer can help you decide which legal actions are best for you.

How Courts Calculate Economic Damages 

The court or the insurance company will review your case to determine the amount of financial loss you are entitled to. They will determine your damages by totaling your current and future losses. Conversely, you and your insurance provider may be unable to agree on the amount to which you are legally entitled. 

To get the best financial compensation, tally up all of your current and prospective expenditures since the accident. You should not accept the insurance company’s offer right away because calculating the total financial loss takes time. The insurance company will most likely try to limit your legal risk by offering you a reduced settlement.

Pursue the Highest Economic Damage Payments

Filing an economic damages claim in a personal injury lawsuit is not as simple as it sounds. Your economic damages are intended to compensate your immediate financial losses and more. Your future losses should also be addressed as part of a comprehensive economic damages approach. 

It’s natural to have concerns after being injured in a car accident. If you have any questions about your potential financial losses, please contact The Law Offices of Casey D. Shomo by calling 561-659-6366 or completing the online contact form below to schedule a consultation.