Economic damages are a common component of civil liability and personal injury claims. They are meant to compensate people for the money they lose when someone else acts carelessly or improperly. On the other hand, economic damages are losses that can be calculated and documented through medical bills, wage records, invoices, and expert reports. Non-economic damages are for injuries that are more personal in nature.
In states like Florida, where a large population, heavy traffic, tourism activity, and diverse industries contribute to a high volume of injury claims, understanding how damages are calculated is especially important. Florida law allows injured parties to seek compensation for objectively verifiable financial harm, commonly referred to as the common types of economic damages, which form the foundation of most personal injury cases across the state.
Medical Expenses
Medical expenses are often the most substantial portion of economic damages. These costs include emergency care, hospital stays, surgical procedures, diagnostic testing, prescription medication, physical therapy, and rehabilitation services. Any treatment required as a direct result of the injury may be included.
When injuries require long-term or ongoing care, future medical expenses may also be recoverable. In such cases, medical professionals may provide evaluations to estimate the costs of continued treatment, follow-up appointments, assistive devices, or specialized care over time.
Lost Wages and Income
Lost wages are another important part of economic damages. If an injury keeps someone from working while they heal, they may be able to get paid for the time they missed. This applies to people who work for a salary, for an hourly wage, and who are self-employed.
In addition to base pay, economic damages can also include lost overtime, bonuses, commissions, and benefits from the job. It is common to use supporting documents like pay stubs, tax returns, and employer statements to prove these losses.
Loss of Future Earning Capacity
Loss of future earning capacity assesses how an injury that prevents someone from working will affect their finances in the long run. This category applies when injuries result in permanent limitations, fewer hours worked, or the inability to remain in the same field.
For instance, if you have to take a job that pays less because of a physical problem, the economic damages may show the difference between what you expected to make over your lifetime before and after the injury. Economists and others in the field often determine these losses.
Property Damage
Economic damages also include property damage. This usually includes the cost of repairing or replacing the cars involved in an accident. However, it can also include the cost of repairing or replacing personal items, such as phones, laptops, clothing, or equipment, that were damaged during the event.
You can also recover related costs, such as towing, storage, and rental car fees, if they are necessary and fair.
Out-of-Pocket Expenses
Out-of-pocket costs are the expenses the injured person must pay directly as a result of the injury. These could include getting to medical appointments, paying for parking, buying medical supplies, getting mobility aids, or making home modifications.
These costs may not seem like much on their own, but they can add up quickly, so it’s important to keep track of them.
Household and Support Services
When an accident makes it hard to do everyday tasks, economic damages can include the cost of hiring someone to help with home chores. This can include cleaning, lawn care, cooking, or caring for someone at home.
These damages include the cost of replacing services that the injured person used to do on their own.
Key Takeaways
- Economic damages pay for real cash losses resulting from injuries.
- Medical bills, lost wages, and reduced income are among the highest costs that can be recovered.
- To get the right amount of money, you should keep track of all your property damage and out-of-pocket costs.
- If injuries make it hard to do everyday things, you can get help with household and support service fees.
