Personal Injury Terminology: Economic Damages

Last updated 6 months ago

In a personal injury lawsuit, there are two kinds of compensatory damages: economic and non-economic. Economic damages are the most commonly awarded, because they can be based upon objective financial considerations.

Economic damages can be accurately expressed in dollar amounts. For example, an accident victim’s medical bills can be calculated by adding up the costs of their treatment, prescriptions, and other necessary supplies. Future medical bills can also be predicted by considering what future treatments will be required. Compensation for lost wages can be determined by examining the accident victim’s injuries and how they affect his earning capacity now and in the future.

Though economic losses are objective, there is still much that a personal injury attorney can do to help you maximize your award. To schedule an appointment with an attorney at Malman Law to discuss your situation, call (312) 983-6193 today.

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