Economic Damages

Economic damages refer to the financial losses that an individual or business incurs as a result of another party’s wrongful conduct or negligence. In a legal context, economic damages can be awarded as compensation to the injured party in a civil lawsuit. 

If you need assistance pursuing economic damages in Minnesota, an attorney can help. Contact 1-800-Injured to find a lawyer in your city. 1-800-Injured is a lawyer and medical directory.

Calculating expenses

Types of Economic Damages

As the saying goes, economic damages come with a receipt. Economic damages are easily verifiable – for the most part. These damages can be awarded as compensation in a civil lawsuit and may include medical expenses, lost wages, property damage, business losses, funeral expenses, and future economic losses.

Specifically, some examples of economic damages are:

  • Medical Expenses: If an individual is injured in an accident, they may incur significant medical expenses, including hospital bills, doctor’s fees, and the cost of medication or therapy. This can also include any future expenses related to treating your injury.
  • Lost Wages: If an individual is unable to work due to their injuries, they may lose income and benefits. Economic damages can compensate them for the wages and benefits they would have earned if they had not been injured.
  • Property Damage: If an individual’s property is damaged as a result of another party’s negligence, they may incur repair or replacement costs. Generally, car accidents see the highest value for property damages – particularly for vehicle replacement or repair.
  • Business Losses: If a business is harmed as a result of another party’s negligence, it may incur lost profits, lost revenue, or other business losses.
  • Funeral Expenses: If a person is killed as a result of another party’s wrongful conduct, their surviving family members may incur funeral expenses.

Keep in mind that economic damages do not include damages such as pain and suffering, loss of consortium, or loss of enjoyment of life. These are considered non-economic damages and are intangible losses. Still, you can recover compensation for non-economic damages.

How Can a Lawyer Help Me Recover Economic Damages?

Economic damages are an integral part of personal injury cases. In tandem with non-economic damages and punitive damages, this is where the victim’s compensation comes from. However, assessing and proving your economic damages can be difficult.

A Minnesota lawyer can play a crucial role in helping to recover economic damages in a civil lawsuit. Here are some ways that a lawyer can help:

  • Assessing the damages: A lawyer can review the facts of the case and assess the economic damages suffered by their client. They can help the client identify all possible sources of recovery and estimate the value of their claim.
  • Gathering evidence: To recover economic damages, the plaintiff must prove that the defendant’s conduct caused the damages. A lawyer can help the plaintiff gather evidence, such as medical records, wage statements, and other documentation, to establish the extent of the economic damages.
  • Negotiating with the defendant: Before a case goes to trial, a lawyer can negotiate with the defendant or their insurance company to try to settle the case. The lawyer can present evidence of the plaintiff’s economic damages and argue for a fair settlement amount.
  • Representing the plaintiff in court: If a settlement cannot be reached, a lawyer can represent the plaintiff in court. They can present evidence of the economic damages and argue for the plaintiff’s right to compensation. However, it is unlikely for a personal injury case to go to trial, as most cases are settled outside of court.
  • Pursuing alternative dispute resolution: In some cases, alternative dispute resolution (ADR) methods, such as mediation or arbitration, can be used to resolve the case. A lawyer can represent the plaintiff in these proceedings and argue for a fair resolution that compensates the plaintiff for their economic damages.

While most economic damages are easily provable, either by a receipt, letter of income from an employer, or other verifiable means, others are a bit more ambiguous. For example, future medical costs are considered economic damages, but of course, they do not yet have a means of verification. The same is true for future lost earning capacity. However, an experienced attorney knows how to calculate these damages to demand proper compensation.

Contact a Lawyer and Medical Directory

A lawyer can provide valuable assistance in helping to recover economic damages in a civil lawsuit. They can assess the damages, gather evidence, negotiate with the defendant or their insurance company, represent the plaintiff in court, and pursue alternative dispute resolution methods. With a skilled lawyer’s help, plaintiffs may be able to recover the economic damages they have suffered due to another party’s wrongful conduct.

For help finding a knowledgeable attorney near you in Minnesota, contact 1-800-Injured. Simply provide us with details regarding your case and we can point you toward an experienced attorney.