If you’ve been injured in an accident in Seattle, you may be wondering how to recover the money you’ve lost. One important part of a personal injury case is economic damages. These are the financial losses a victim has suffered because of an injury (i.e., soft tissue injuries, back injuries, or concussions). This article will help you understand economic damages, how they are calculated, and why they are important.
What Are Economic Damages?
Economic damages are the financial losses caused by an accident or injury that are supported by documentation. When someone is injured because of another person’s actions, they often face financial burdens like medical bills or lost income. Economic damages are intended to cover those losses.
Common Types of Economic Damages
There are several types of economic damages. Some of the most common include:
- Medical Expenses: These include hospital stays, surgeries, doctor visits, physical therapy, medication, and medical devices like crutches or wheelchairs.
- Lost Wages: If your injury keeps you from working, you can be paid back for the income you lost while you were recovering.
- Future Lost Earnings: If you are unable to work the same job or hours in the future, you may be entitled to money for future lost income.
- Property Damage: If your car, phone, or other personal items were damaged in the accident, you may be able to recover the repair or replacement costs.
- Out-of-Pocket Expenses: These include expenses like transportation to medical appointments or hiring someone to help with household tasks you can no longer do.
In short, economic damages help make you financially whole again after an injury.
How Are Economic Damages Calculated?
Economic damages are based on real numbers. That’s why it’s important to keep all records related to your injury.
Medical Bills and Treatment Costs
Your lawyer will collect all your medical bills, from emergency room visits to follow-up care. They’ll also include the cost of any medical treatment you’ll need in the future.
Proof of Lost Wages
If you missed work, your lawyer can use your past paychecks and a letter from your employer to show how much income you have lost. Tax returns and business records may be used instead if you’re self-employed.
Estimating Future Losses
Sometimes injuries can cause long-term or permanent problems. If you can’t work the same job or your earning ability is reduced, experts like economists or vocational specialists may help calculate what you’ll lose over time.
To sum it up, economic damages are calculated using clear evidence that shows what you’ve lost because of your injury.
Why Economic Damages Matter in a Personal Injury Case
Economic damages are a major part of any personal injury claim. They often make up the bulk of what most people receive in a settlement or court award. Without them, injured people would have to pay out-of-pocket for expenses they didn’t cause.
Fair Compensation for Real Losses
The purpose of economic damages is to help you recover. You shouldn’t be stuck with debt or financial hardship after someone else’s mistake. Whether you’ve been in a car crash, a slip and fall accident, or another type of accident, these damages help balance the scales.
Holding the Responsible Party Accountable
When the person or business that caused your injury has to pay, it encourages them—and others—to be more careful in the future.
Economic Damages vs. Non-Economic Damages
It’s also important to know that non-economic damages exist in personal injury cases. These cover intangible losses, such as pain and suffering or emotional distress. Unlike economic damages, they don’t come with a bill or receipt.
However, both types of damages work together. Economic damages handle the financial impact, while non-economic damages cover how your life has been affected in other ways. Ultimately, both types of damages can give a complete picture of your losses and help you recover.
How a Personal Injury Lawyer Can Help
If you’re dealing with an injury in Seattle, a personal injury lawyer can be a big help. They know how to gather the right evidence, work with experts, and fight for fair compensation.
Gathering the Right Documents
A lawyer can collect your medical records, bills, pay stubs, and other important paperwork. They know what insurance companies need to see in order to approve your claim.
Working with Experts
Sometimes it’s necessary to bring in medical or financial experts to explain how serious your injuries are or how much money you’ll lose in the future. Your lawyer will know which experts to use and how to present their findings.
Negotiating with Insurance Companies
Insurance companies often try to pay as little as possible. Your lawyer can handle the negotiations and make sure you don’t settle for less than you deserve.
In short, hiring a lawyer gives you the best chance to recover every dollar you’ve lost—and more.
Contact Our Seattle Personal Injury Lawyers to Schedule a Free Consultation
If you want to know more about the economic damages you can recover in your case, you should contact Darrell Cochran Personal Injury Lawyer at (253) 948-0250 to schedule a free consultation. Our Seattle personal injury attorneys can give you an estimate of the value of your case.