What Are Economic Losses?

compensation Blackburn & Green - October 13, 2015

What Are Economic Losses?Among the many losses you can suffer as a result of an accident or injury, economic losses are often the most stressful and disruptive. Following an accident or injury, you will likely have a lot of immediate, up-front costs you must cover out of pocket prior to settling your personal injury claim. Economic losses can include medical bills, prescription costs, lost wages or sick time, the costs to fix property damage to your vehicle, and, in some cases, the cost of transportation to your doctor appointments. Economic losses may also include the costs you incurred as a result of being limited by your injuries, such as hired help, home medical care, or other professional services to assist you while you recover. While these bills pile up, you may be tempted to settle your case prematurely to have some financial relief and get your bills paid. However, if you do settle, you forfeit your right to claim any other losses after the settlement. Economic losses can put a lot of stress on an injured person. It is important for you to wait until the full extent of your injuries is apparent or known to you before you settle your claim. Economic losses are essentially what the accident or injury has or will cost you financially. Economic losses are a very important part of your personal injury claim or case. You are entitled to fair compensation for all your economic losses if you are not at fault.

The total sum of economic losses that you are compensated for is called your economic damages, or the money you collect in your settlement. These will influence, to some extent, the non-economic damages you collect and the total sum of damages you stand to receive altogether. Non-economic damages, also called pain and suffering, are compensation for the effects of the accident or injury that do not have a set monetary value. Because non-economic damages compensate you, in part, for the overall ordeal you had to go through as a result of the accident or injury, your total extent of economic damages is a good reflection on what you went through, as they demonstrate how much medical treatment you required, how long it took for you to recover, and how much work you missed. Determining your total economic losses is a very important step in your personal injury claim.

 

The experienced lawyers at Blackburn & Green want to help you get fair compensation for your personal injury claim. At Blackburn & Green, we will look out for your future interests and will fight for your rights to obtain you an outcome you are satisfied with. We offer free initial consultations at one of our office locations or at your home or hospital room. Call (800) 444-1112 or (260) 422-4400 to be connected with one of our 25 convenient office locations across Indiana or fill out our online form to schedule a consultation. Contact Blackburn & Green for knowledgeable and caring legal counsel on your personal injury case today.

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