The Different Types of Losses You Can Incur from a Personal Injury
Whether it’s a sprain, fall, or auto accident, personal injury can lead to a wide range of injuries. While some are more serious than others, most physical injuries form the basis for a lawsuit in civil court. But before you go any further into researching how to pursue compensation for your personal injury, you need to understand the different types of losses to evaluate your situation fully. Here are the most common losses you can incur when a personal injury occurs.
- Economic Damages
Economic damages are the most common type of personal injury loss because they typically involve a physical injury roughly the same magnitude as the economic impact of the injury. If a personal injury is serious enough, it can lead to a number of costs within a single year. These costs include medical expenses and lost income, but they also include things you wouldn’t have spent money on had you not been injured in the first place. Economic damages include:
-lost earnings from work
-costs for travel and medical treatment
-expenses for specialized services and devices you’d have otherwise paid for
-costs from switching from a regular prescription to a special medication to treat your injury.
Economic damage policies are typically done as part of a home insurance policy but can also be purchased independently. If you’re hoping to collect economic damages after an accident, you’ll want to file your lawsuit as soon as possible so that you start collecting the money owed.
A personal injury lawyer plays an important role in recovering the losses you incur during a personal injury. Collecting damages on your behalf can help you move past the accident as quickly as possible so that you can focus on getting your life back in order.
- Non-Economic Damages
Non-economic damages are the most common type of personal injury loss because they don’t require many medical services and rehabilitation. The biggest difference between economic and non-economic damages is that economic losses are usually lumped in with all of your other expenses. In contrast, non-economic damages can be applied to things like:
-pain and suffering
-loss of quality of life
- Punitive Damages
Punitive damages are the rarest type of personal injury losses, and they’re typically reserved for cases where the perpetrator acted with malicious intent or gross negligence. You can usually collect punitive damages if you’re able to show that someone caused your injuries willfully through:
-intentional acts or gross negligence
-breach of contract
Punitive damages are often awarded in addition to non-economic and economic damages because they help punish a party for their actions. If you’re interested in collecting punitive damages, you’ll need to show that the defendant acted in blatant disregard for your well-being.
It is important to remember that even though you have suffered due to someone’s negligence or intentional actions, you may not be entitled to any form of compensation if you share any responsibility for the injury. A personal injury lawyer can help you determine how you can be compensated for your injuries and how to begin a personal injury lawsuit.