How Economic Damages Factor Into a Personal Injury Case

Economic damages include tangible losses incurred due to an accident and injuries. Economic damages are one type of recoverable compensation that can be documented and easily calculated through bills, receipts, estimates, and invoices. If you suffer injuries in an accident caused by another individual, you may be entitled to recover your damages and losses. Economic damages quantify the financial impact of your injury and are a crucial component of any personal injury claim, including car accidents, slip and fall accidents, or product liability claims.

What Are Economic Damages in a Personal Injury Lawsuit?

Economic damages refer to the direct and indirect financial losses you incur from the accident and your injuries. The most common types of economic damages include:

• Medical expenses: All past and future medical expenses related to your injuries, including emergency services, physician’s bills, hospitalization, diagnostic testing, prescription medications, physical and occupational therapy, urgent care costs, mobility aids, and more.
• Lost wages: Actual income you would have earned had you not been injured, including bonuses or tips, between the date of the accident and your return to full employment or when your case is resolved.
• Future earning capacity: Income you will be unable to earn in the future due to the seriousness or permanent condition of your injuries, as well as reduced income if you are forced to transition to a new line of work or lose potential promotions due to your injuries.
• Property damage: Repair or replacement costs for damage to a vehicle and other types of property damaged or destroyed in the accident.
• Psychological treatment: Related costs of mental health treatment for the trauma caused by the accident, such as post-traumatic stress disorder (PTSD), depression, or anxiety.
• Out-of-pocket expenses: Miscellaneous expenses that you must pay for out-of-pocket related to your injuries, such as childcare, housekeeping services, transportation for medical appointments, or medical equipment not covered by insurance.
• Home modifications: The expenses of remodeling accessible living spaces for people with wheelchair use, limited mobility, or other disabling conditions.

Certain economic damages can be recovered immediately based on receipts and past pay stubs. Other economic damages with unknown costs typically occur in the future, such as lifetime medical expenses or potential future earnings unknown when your injury claim is valued.

You may still be entitled to future economic damages with unknown costs. However, expert testimony may be required to value future economic damages. Personal injury lawyers often work with a network of experts, such as forensic economists, who can assess and value your projected future losses, often much higher than your losses to date. A forensic economist or accountant can calculate future lost wages or reduction in earning potential based on various factors, such as age, experience, career field, education, skills, life expectancy, and industry trends, and provide detailed documentation of those losses.

A Fort Worth Economic Consultant at Thomas Roney LLC Partner With Personal Injury Lawyers to Calculate Economic Damages

Our Fort Worth economic consultants at Thomas Roney LLC work with lawyers, providing economic consulting and forensic accounting services to assess economic damages and provide expert testimony in workplace investigations, individual claims, and class action lawsuits. To learn more about our services or schedule a free consultation, call 817-733-6333 or contact us online. Located in Fort Worth, Dallas, and Houston, Texas, as well as Atlanta, Georgia, we serve clients in Denver, Colorado, Louisville, Kentucky, and Nashville, Tennessee.