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When you are injured due to someone else's negligence, you are entitled to compensation for your losses. In a personal injury lawsuit, there are different types of damages that you can claim, including economic, non-economic, and punitive damages. In this blog post, we will discuss economic damages and how they are calculated.
What are Economic Damages?
Economic damages are losses that can be measured in monetary terms. These damages are meant to compensate the injured person for their financial losses resulting from the accident. Economic damages can include:
1. Medical Expenses:
This includes the cost of medical treatment, hospitalization, medication, and rehabilitation.
2. Lost Income:
If the injury prevents the victim from working, they can claim compensation for lost income. This includes wages, bonuses, and other benefits.
3. Property Damage:
If the accident caused damage to the victim's property, they can claim compensation for the cost of repair or replacement.
4. Future Losses:
If the injury is severe enough to prevent the victim from returning to work, they can claim compensation for future lost income.
How are Economic Damages Calculated?
Calculating economic damages can be complex, as it involves analyzing various factors such as medical bills, lost income, and property damage. It is important to work with an experienced personal injury attorney to ensure that all losses are properly calculated.
To calculate medical expenses, the attorney will need to review the victim's medical bills and records. They will also consider the cost of future medical treatments and rehabilitation.
To calculate lost income, the attorney will need to review the victim's employment history and current earnings. They will also consider factors such as the victim's age, education, and future earning potential.
To calculate property damage, the attorney will need to review repair or replacement estimates.
Once the attorney has gathered all the necessary information, they will use a formula to calculate the total economic damages. This formula may vary depending on the state in which the lawsuit is filed.
We're Here to Help Injured Victims
If you have been injured due to someone else's negligence, you may be entitled to economic damages. These damages can help you recover financially from the accident. It is important to work with an experienced personal injury attorney who can help you calculate your losses and ensure that you receive the compensation you deserve.
At Hanna Allen, PLLC, we have years of experience representing clients in personal injury lawsuits. We understand the complex nature of economic damages and will work tirelessly to ensure that you receive the compensation you deserve.
Contact us today to schedule a free consultation by calling (432) 220-2649 or by filling out the online contact form.