What are Economic Damages?
When discussing compensation for personal injury cases, the term “economic damages” or “compensatory damages” is often used to describe one element of compensation that a victim can receive for their injuries after an accident. However, not many people understand what costs incurred by the victim are included in economic damages. At Mitch Grissim & Associates, our team of dedicated legal professionals is here to answer this and any other questions you may have after an accident in the Nashville area. To learn more, call or contact our office today to schedule a free case evaluation.
The first thing that economic damages cover is a victim’s medical expenses. This includes all aspects of medical costs related to the accident, including but not limited to ambulance transportation costs, hospitalization, surgeries, treatments, and medication immediately after the accident. It also covers future medical expenses directly related to the accident like rehabilitation, physical therapy, medical devices, and long-term care.
Economic damages also cover any lost wages caused by the accident. If a victim is forced to miss work because of the extent of their injuries, economic damages compensate the victim for their salary or wages lost as a result. This is specific to personal injury accidents that occur outside of work, as workplace accidents are covered by workers’ compensation.
Victims of personal injury accidents in Tennessee are also compensated with economic damages for any property damage caused by the accident. The most obvious example of property damage is a car accident, but victims can be compensated for all types of property damage caused by an accident, such as bicycles, cell phones, laptops, clothing, jewelry, and more.
Loss of Future Income and Benefits
Lastly, economic damages cover the loss of future income and benefits caused by an accident. This also applies specifically to accidents that occur outside of the workplace, as those incidents are covered by workers’ compensation. The loss of future income and benefits occurs when the injuries limit a victim’s ability to fully return to their prior employment or render them completely unable to return to work.
Differences Between Economic and Noneconomic Damages
The main difference between economic and noneconomic damages is that economic damages can be calculated using receipts and other documentation. Economic damages represent the tangible losses that a victim suffers because of an accident, while noneconomic damages compensate a victim for the intangible pain and loss caused by the incident. Noneconomic damages include payment for pain and suffering, emotional distress, disability, disfigurement, and the loss of enjoyment of life. To learn more, talk to an experienced personal injury attorney today.
Call or Contact Our Office Today
Have you or a loved one been injured in an accident? If so, you need the knowledgeable Nashville car accident attorneys at Mitch Grissim & Associates advocating for your case. If you would like to learn more about your legal options, call or contact our office to schedule a free consultation of your case now.