Personal injury lawsuits are complex, but one thing is always certain: victims of reckless actions deserve the right to seek compensation. This means holding the negligent party responsible and seeking necessary financial compensation to recover without concern.
However, what many people don’t realize is there are different types of damages in these cases: economic, non-economic, and punitive. At Peterson & Associates, P.C., we understand how critical your personal injury claim can be, and the importance of assigning value to all potential damages. Here’s what you should know.
Economic Damages: What They Cover
Economic damages are exactly that: financial compensation used to reimburse for anything that has an economic impact on the victim. This means all expenses you incurred as a result of negligence. For example, economic damages can be used to cover:
- Medical expenses associated with the injury, including emergency transportation, hospital stays, treatment and ongoing care, medication, and other related costs.
- Lost wages from the inability to work.
- Property damage caused by the other accident.
Any loss that has monetary value may be claimed under economic damages.
Non-Economic Damages: What They Cover
When non-economic damages are awarded to a plaintiff, they’re meant to cover the effects of a negligence-related accident that don’t have any kind of monetary value. Your injury attorney evaluates the additional impact of the incident on you and your family’s wellbeing, and seeks compensation for it. Examples include:
- Pain and suffering you experienced as a result of stress and shock.
- Any emotional trauma that may persist.
- Loss of enjoyment in life.
These factors are all taken into consideration by the court to combine with economic damages to determine the total award to which you may be entitled.
When Punitive Damages Might Be Recovered
Depending on the situation and the court overseeing the case, punitive damages are another form of award in personal injury cases. This is a specific amount ordered by the courts with the sole purpose of punishing the wrongdoer further for their negligence. For example, if it’s proven that a company knowingly sold a defective product or tried to profit from something that caused injury, the court may order them to pay for their negligent decisions.