What Are Economic Damages?

When you are hurt because of someone else’s negligence (such as in a car accident or a dog bite incident) you may know that you can get money to cover your hospital bills and lost work time. These costs are called economic damages. Unlike pain and suffering, which cover personal and emotional losses, economic damages are all the money you spend because of the accident. In Wisconsin, economic damages help pay for real financial losses.

Our Madison personal injury attorney explains why economic damages are very important. They make sure you are not left paying for things like medical care, lost income, and property repairs. These are the costs you can add up with receipts and bills.

What Are Economic Damages?

Economic damages are money awards meant to cover costs that can be clearly measured. They include things like:

• Medical bills: The cost of hospital stays, doctor visits, medications, and therapy
• Lost wages: Money you lost when you could not work because of your injury
• Future earnings: Money you may lose if your injury makes it hard to work in the future
• Property damage: Costs to repair or replace damaged property, like a car
• Other expenses: Out-of-pocket costs such as transportation to medical appointments or special equipment you might need

These damages are based on actual costs. They are meant to help you pay for expenses that come directly from your accident.

How Are Economic Damages Calculated?

Calculating economic damages is much like adding up your receipts. Every cost you have because of your injury is added together to find the total amount. In Wisconsin, judges, juries, and insurance companies look at many details to decide what you should be paid.

Some factors that help determine the value of economic damages include:

• The severity of your injury: More serious injuries usually cost more money to treat
• The length of your recovery: If you need a long time to heal, you might lose more wages
• Future medical care: If you will need ongoing treatment, the future cost is part of your claim
• Lost earning capacity: If your injury affects your ability to work in the future, this loss is added in
• Property damage: The cost to fix or replace things that were damaged because of the accident

Generally speaking, economic damages are easier to calculate than non-economic damages.

Evidence for Economic Damages

Because economic damages are based on real costs, you need proof of every expense. Good documentation is key to making sure you get the money you deserve. Here are some examples of evidence that can support your claim:

• Medical records: These show the treatments you received and help prove the cost of your care.
• Bills and receipts: Keep every receipt for hospital visits, medications, and other medical expenses.
• Pay stubs or tax returns: These documents can show how much money you lost when you were unable to work.
• Repair estimates: If your car or property was damaged, estimates and invoices help prove the repair costs.
• Expert opinions: Sometimes, experts like economists or vocational specialists can explain how your injury affects your future earnings.

Collecting all this evidence makes your claim stronger. It shows clearly how the accident has hurt you financially.

How a Personal Injury Lawyer Can Help With Your Economic Damages Claim

If you have been injured in an accident, a personal injury lawyer can help you get the full compensation you deserve. Economic damages are based on real money costs, but the process to claim them can be complicated. Here’s how a lawyer can help:

• Reviewing your expenses: Your lawyer will go through all your bills, receipts, and records to make sure every cost is counted.
• Calculating future losses: They can help estimate what you may lose in the future, such as future medical care and lost wages.
• Negotiating with insurance companies: Insurance companies might try to pay you less than you deserve. A lawyer will fight for a fair settlement.
• Gathering additional evidence: If needed, your lawyer can hire experts to support your claim and make sure that every expense is included.
• Handling all the paperwork: The process of filing a claim involves a lot of paperwork and deadlines. Your lawyer will take care of all these details so you can focus on healing.

A skilled lawyer will use their experience to ensure that all your economic losses are properly valued. They help you get the money needed to cover your current bills and future costs.

Contact a Madison Personal Injury Attorney for a Free Case Review

Economic damages cover all the real, measurable costs you face after an accident. They include things like medical bills, lost wages, future care, and property damage. In Wisconsin, these damages are carefully calculated using your actual expenses and future needs. With good evidence and the help of an experienced Madison personal injury lawyer, you can get the compensation you deserve.

Contact a Madison personal injury lawyer from Eisenberg Law Offices, S.C. today at (608) 256-8356 for a free consultation. They will review your case, help you gather all necessary documents, and guide you through the process to secure full compensation for your losses.