If you’ve been injured due to someone else’s negligence, you might wonder how to recover compensation for the financial losses you’ve incurred, such as for medical bills. These losses, referred to as economic damages, play a significant role in personal injury cases. At Farah & Farah, we fight to maximize the damages you receive from those who are responsible for what happened to you. We’re here for you during the worst moments of your life. We’re also here to help you understand everything you need to know about personal injury cases.
What Are Economic Damages?
Economic damages represent the quantifiable financial losses you’ve suffered as a result of an accident or injury. These damages are meant to compensate you for actual expenses and losses, ensuring that you’re not left bearing the financial burden of someone else’s actions.
Economic vs. Non-Economic Damages
Unlike non-economic damages, which account for pain and suffering or emotional distress, economic damages are tangible and supported by evidence such as bills, receipts, and pay stubs.
Types of Economic Damages in Florida
In Florida, the following damages are considered economic damages:
Medical Expenses
Medical bills are often the largest component of economic damages. These can include:
- Emergency room visits
- Hospital stays
- Surgeries and medical procedures
- Physical therapy and rehabilitation
- Prescription medications
- Ongoing and future medical care
Farah & Farah’s attorneys work with medical professionals to calculate not just what your current medical expenses are but also what they’re predicted to be in the future.
Lost Wages
If your injuries prevent you from working, you can seek compensation for the income you’ve lost during your recovery. This can include:
- Wages, salaries, and tips
- Bonuses and commissions
- Self-employment income
If your injuries result in long-term or permanent disability, you may also be entitled to loss of earning capacity, which accounts for the income you would have earned had the accident not occurred.
Property Damage
In accidents like car crashes, property damage is another form of economic loss. Compensation can cover:
- Vehicle repair or replacement costs
- Damage to personal belongings
Out-Of-Pocket Expenses
Accidents often lead to additional costs that can add up quickly. These might include:
- Transportation expenses (e.g., travel to medical appointments)
- Costs for medical equipment (e.g., wheelchairs or crutches)
- Childcare services needed during recovery
How Are Economic Damages Calculated?
Economic damages must be supported by clear documentation, including:
- Medical bills and invoices
- Pay stubs and employment records
- Repair estimates or receipts
Our team will gather and organize all relevant evidence to ensure your claim accurately reflects the full scope of your losses. For future expenses, we collaborate with financial and medical experts to project long-term costs, so you’re not left undercompensated.
The Comparative Negligence Rule
Florida follows a comparative negligence rule, which means your compensation may be reduced if you’re found partially at fault for the accident. For example, if you’re deemed 20% responsible, your total economic damages award will be reduced by 20%.
No-Fault Insurance
In car accident cases, Florida’s no-fault insurance laws require you to first seek compensation through your own Personal Injury Protection (PIP) insurance, which covers up to $10,000 in medical expenses and lost wages. If your damages exceed this amount or meet the state’s serious injury threshold, you can file a claim against the at-fault party.
Why You Need an Attorney To Maximize Economic Damages
Insurance companies often try to minimize payouts, even when your financial losses are well-documented. At Farah & Farah, we will:
- Handle all negotiations with insurance companies to ensure you’re treated fairly.
- Work with experts to calculate future losses and ensure you receive full compensation.
- Fight for your rights in court if a fair settlement isn’t reached.
We understand the financial strain an accident can place on you and your family, and we’re committed to helping you recover every dollar you’re owed.
Let Us Help You Recover What You’ve Lost
Economic damages are a vital part of personal injury claims, and ensuring you’re fully compensated requires thorough documentation, careful calculations, and strong legal advocacy. At Farah & Farah, we’re here to handle the details so you can focus on healing.
If you’ve been injured, contact us today for a free consultation. We’ll review your case, explain your options, and work tirelessly to help you get the compensation you deserve. Remember, you won’t have to pay a dime unless your case is successful.
