Economic Damages

Economic damages are the remedy the law provides when another party causes you an injury resulting in financial losses.

However, you must prove the elements of a negligence claim before you can recover damages. Only then can you legally hold the party who caused your injuries liable for your economic damages.

Economic damages include expenses and monetary losses associated with your accident, injury, and recovery. 

Medical Bills and Expenses 

Medical Bills and Expenses 

Physical injuries require medical treatment. You can recover reimbursement for your medical bills related to the personal injury. 

Examples of medical expenses include:

  • Physical and medical provider bills
  • Hospital, medical facility, and ambulance bills
  • Diagnostic tests, including lab work, CT scans, MRIs, X-rays, ultrasounds, etc.
  • Physical, occupational, speech, and other rehabilitative therapies
  • In-home nursing care
  • Prescription and over-the-counter medications

Keep copies of all bills, invoices, and receipts proving you incurred the expenses. Your medical records may not include all bills you received from all services.

Lost Wages and Benefits 

Personal injuries can cause you to miss time from work. You can receive reimbursement for your lost wages and benefits. 

Loss of income includes:

  • Wages
  • Hourly pay
  • Tips
  • Bonuses
  • Gig work
  • Independent contractor income
  • Part-time jobs
  • Commissions
  • Second jobs

You can also include the loss of benefits you experienced because of the injuries. Those would include, but are not limited to, matches of retirement funds, paid time off, and company perks.

Out-of-Pocket Expenses 

Other costs related to personal injury claims fall under this category. 

Examples of expenses you might incur include:

  • The cost of personal care if you cannot perform daily tasks, such as bathing, dressing, and feeding
  • Household services and childcare
  • Travel expenses to and from medical appointments
  • Medical supplies and devices 
  • Modifications of your home and vehicle because of a permanent disability

Out-of-pocket expenses can add up to a large amount. However, many victims fail to track these expenses. Keep a detailed list of all expenses you incur with proof of each expense to increase how much your case is worth.

Diminished Earning Capacity

If you sustain a permanent injury, you might be unable to return to work. Your future lost wages would be included in a claim for economic damages. 

You may also experience reduced earning capacity. You may be able to work, but the impairment reduces your earnings. Diminished earning capacity would be the difference between the income you would have earned had you not been injured and the amount you can earn with the impairment. 

Florida Applies a Modified Comparative Fault Standard in Personal Injury Cases

Contributory fault is the legal theory that bars victims from receiving compensation if they share fault for causing their injuries. However, Florida does not use contributory fault. Instead, state law imposes a modified comparative fault standard for personal injury claims. 

If you are more than 50% to blame for causing your injury, you are barred from receiving money for your damages. However, if you are less than 51% to blame, your compensation is reduced by your percentage of fault. 

What Is the Deadline for Filing a Claim for Economic Damages in Florida?

Most personal injury claims based on negligence have a two-year statute of limitations as of March 24, 2023. Cases before that date may have up to four years to file a lawsuit.

However, medical malpractice and wrongful death claims also had a two-year deadline. 

The facts of your case and exceptions to the statute of limitations could shorten the time to file a personal injury lawsuit. If you miss the deadline, the court can dismiss your case without considering whether you have a valid claim. Therefore, seeking legal advice promptly is in your best interest.

What Personal Injury Claims Could Result in Economic Damages?

Any personal injury case can result in economic damages. 

Examples of cases that could result in a claim for economic damages include, but are not limited to:

If you are unsure whether you have a claim for economic damages, talk with an Orlando personal injury attorney. A lawyer can review your claim and explain your legal options. 

Schedule a Free Consultation With an Orlando Personal Injury Lawyer

An accident or personal injury can result in a financial crisis for the victim and their family. If you sustained losses because of another party’s negligence or intentional torts, an Orlando personal injury attorney at Norden Leacox Car Accident And Personal Injury Lawyers can help. Contact us at (407)-801-3000.