A personal injury incident—such as a slip and fall, car accident, or truck accident—can cause damages that affect your finances. You will have damages that can cost large amounts of money that you will have to pay for, such as medical expenses. You can also miss out on making money due to the impact of a disabling injury, such as a broken leg, traumatic brain injury (TBI), or neck injury.

If you suffered economic damages from a personal injury incident, you could file a personal injury claim with the at-fault party’s insurance company to pursue compensation. A personal injury lawyer can assist you with the process of pursuing economic damages by assessing the current and future cost of your injury, determining the liable party, and negotiating a fair settlement with the at-fault party’s insurer. The experienced personal injury lawyers at The Russo Firm can use their experience, resources, and expertise to help you recover fair compensation for your economic damages.

What are Economic Damages?

Economic damages are those in a personal injury claim that has to do with how your financial situation was negatively affected. They are monetary losses that commonly come with a bill, such as medical expenses, property damages, and lost wages. You can suffer economic damages from all types of personal injury incidents, as they can cause debilitating injuries like traumatic brain injuries, neck and back injuries, and broken bones.

The following are some of the personal injury incidents that can cause economic damages:

Pursuing Compensation for Medical Bills

One of the most expensive economic damages from a personal injury incident is medical bills. These are any expenses you incur that have to do with your recovery from your injury. Following a traumatic personal injury incident like a car accident, you should go to the hospital to prevent your severe injury from getting any worse. You will have to pay for any expenses regarding your medical treatment.

The following are some medical expenses you may need to pay after a personal injury incident:

  • Ambulatory costs
  • Surgical costs
  • Hospitalization costs
  • Medication
  • Physical therapy
  • Diagnostic imaging costs

These medical expenses could possibly cost over $100,000, depending on the severity of your injuries. Most people will not be able to pay for their medical expenses out-of-pocket, especially if they cannot work with their injury. They can file a personal injury claim to pursue compensation for medical expenses caused by a personal injury incident.

Lost Wages in a Personal Injury Claim

After suffering a disabling injury, you will likely not be able to work. While you recover from your injury, you can experience lost wages as a direct result of a personal injury incident. You could attempt to pursue compensation for lost wages through your insurance company if you have insurance that covers it. States that require personal injury protection can provide insurance that can cover 60% of a car accident victim’s lost wages.

Recovering compensation for lost wages requires providing that the personal injury incident caused you to miss out on work. You can use medical records, evidence from the scene of the incident, and medical expert testimony to prove the at-fault party caused your severe injury that resulted in lost wages.

Lost Earning Potential Caused by a Personal Injury

Another type of economic damage that has to do with your compensation from work is lost earning potential. This type of economic damage is when an injury from a personal injury incident alters the level of compensation you can earn over the course of your life. The injury can prevent you from pursuing employment in your career and would leave you with less compensation over the course of your life than if the accident had never occurred.

For example, let’s say you are a bus driver that gets hit by a distracted driver. You suffer a broken leg that does not heal properly, meaning you can no longer drive. You can pursue compensation for lost earning potential for the balance of money you lost due to your leg injury and loss of career.

Seeking Compensation for Property Damage

Property damages are when a personal injury incident causes damage to your personal property that you have to pay for. In most instances, this happens in motor vehicle accidents. The at-fault party’s negligence can cause significant damages to your car, truck, or motorcycle that you can pursue compensation for. It can also happen if a personal injury incident causes damage to your home or other property. An example of this would be if a speeding driver loses control of their vehicle and crashes into your house.

How Can a Personal Injury Lawyer Help With You Pursue Compensation for Economic Damages?

There are so many steps and processes involved in getting compensation for economic damages. Hiring a personal injury lawyer can help, as they have the experience to know what to do, when to do it, and the best way to handle it. They can take over the personal injury claims process and allow you to focus on your recovery.

The following are some of the ways a personal injury lawyer can help you recover compensation for economic damages:

  • Assess your current and future economic damages
  • Determine the liable party
  • Draft and send the demand letter
  • Collect evidence to prove your economic damages were caused by the at-fault party
  • Interview witnesses and experts
  • Explain your rights
  • Negotiate with the at-fault party’s insurance company
  • Represent you in court

Contact The Russo Firm for Help With Your Personal Injury Claim

The personal injury lawyers at The Russo Firm have experience with a vast number of personal injury incidents that can help with recovering compensation for economic damages. They can use their specific experience handling the personal injury claims process to put you in the best position to recover compensation for your economic damages. They can also help you recover compensation for non-economic damages, such as pain and suffering, mental anguish, and loss of enjoyment of life.

At The Russo Firm, we offer free consultations to show personal injury victims how we can help them recover compensation for economic damages. Contact us at (561) 270-0913 or leave a message on our online contact page.

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