Economic Vs Non-Economic Damages
Business & Entrprenuership

Economic Vs Non-Economic Damages: What’s The Difference?

Personal injury lawyers in Long Island deal with a wide range of cases throughout their careers. They will see their fair share of slip-and-fall incidents, accidents involving some form of vehicle, and other situations that weren’t the victim’s fault. It’s their job to ensure that every wronged claimant gets their fair share of compensation in court. These cases can include claims related to economic damages, non-economic damages, or both. But, for victims to fully appreciate the potential for compensation, they need to know the difference between the two. So, what are economic damages, how do they differ from non-economic damages, and could you make a claim?

What Are Economic Damages?

Let’s start with the economic damages because these are the ones we’re most familiar with. Economic damages refer to any direct financial loss that comes as a result of a personal injury. The main goal here is to seek compensation to cover the losses and balance out the financial hardship. Where possible, you can also look at additional claims for compensation for non-economic damage, which could sweeten the final settlement. We’ll look at those in a moment.

The most obvious starting point for financial compensation here is medical costs. There’s nothing worse than coming home from the hospital after a traumatic injury to end up with a hefty bill for the expenses. This could mean anything from surgical costs to the ambulance ride and everything in between. Medical insurance only goes so far. So, if you can claim compensation to cover the rest, all the better. On top of this, it’s worth considering other immediate expenses. For example, if your accident led to a damaged vehicle or broken possessions of some kind, how much did it cost to get that fixed?

Also, what about all the long-term financial implications? Significant injuries that lead to time off work can mean a significant loss of earnings. If you can make a case that the accident, that was someone else’s fault, caused this, you can make a claim. This factor becomes even more significant if the accident leads to the loss of a job because of life-changing injuries.

Economic Vs Non-Economic Damages

What Are Non-economic Damages?

As the name suggests, non-economic damages relate to loss and damages that don’t have an immediate monetary value. These aren’t always the first thing that comes to mind when looking to make a claim for personal injury. However, it might be worthwhile building a case around some of these factors if it means there is a better chance of compensation. When you hear the term “pain and suffering” in court cases, that’s a catch-all term for those non-economic damages. It tends to refer to the mental and emotional pain and suffering that occurs following an accident.

For example, some victims may walk away from a car accident or a slip and fall with very minor injuries. Yet, the mental anguish can be severe. They may get flashbacks when in a similar location, have nightmares about the event, or struggle to carry out simple tasks related to that moment. There is also the issue of survivor guilt for those who make it out of an incident when someone else didn’t. Pain and suffering can manifest in many forms. In addition to the stress and anxiety following the accident, there is the risk of heightened anger or even humiliation. If they can’t face going back somewhere because of a public fall, how is that impacting other aspects of their life?

Also, there is an effect on victims’ relationships. Have romantic relationships struggled in the face of medical problems, large bills, and emotional distress? Are victims distancing themselves from loved ones and children because of the anger and humiliation? As hard as it might be for victims to talk about this in court, it could open doors to a higher sum of compensation and a chance to get back on track.

Making A Case For Damages

As you can see, there are many ways that we can claim damages in the event of a personal injury. It isn’t just about the first-hand physical injury sustained in the event. We can take so many other factors into account as long as we can prove that we suffered a loss as a direct result of that accident. This is easier in some cases than others. Those claims for economic damages aren’t as difficult if you have the black-and-white financial evidence in a comprehensive file. This means copies of all the medical expenses, proof of lost earnings, and anything else you can think of. Non-economic damages are much harder to prove. Journaling your mental health journey after an accident may help. Testimony from character witnesses works well too. There has to be a clear link between your decline in mental and emotional health and the incident in question.

Whichever approach you opt for, you need to bring in expert help from a Long Island personal injury lawyer. The complexities of these cases mean professional legal help is essential. The right lawyer will be able to help you make a strong case and argue for it in court. They will be able to stand up to the counter-questioning and curveballs from the other side. They will also be experienced enough to negotiate the best possible settlement for financial compensation. On top of that, the best lawyers in the area will have the patience and empathy to guide you through the more difficult moments.

Personal Injury Damages Are Broad And Worth Claiming For

There is an important distinction between economic and non-economic damages. They both have a very different impact on a victim’s life, and you may find yourself dealing with examples of both following your own accident. The point is that every form of distress, suffering, and trauma matters. You don’t have to give up on the idea of a personal injury claim because your medical costs are low, especially if you are dealing with significant anxiety or other emotional damage. If you’re struggling to function the same way in work, home life, and relationships as you did before the accident, consider making a claim. There is nothing to lose in calling a Long Island personal injury lawyer for a free consultation and seeing where you stand.

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