Economic & Non-Economic Damages

In the aftermath of an injury, you may face a substantial burden of medical bills, lost earnings, and property damage costs, collectively referred to as damages. These damages can be categorized into two main types: economic and non-economic, encompassing a variety of expenses and losses typically incurred in injury accidents.

Economic Damages:
Economic damages refer to all the costs incurred as a result of the injury, such as:  medical bills, lost wages, lost earning capacity, property damage, and other out-of-pocket expenses resulting from the event.

Non-Economic Damages:
Non-economic damages include the physical and emotional trauma experienced after an accident, such as: pain and suffering, emotional distress, loss of enjoyment of life, and loss of consortium.

Non-economic damages are often difficult for insurance adjusters to calculate. It’s entirely subjective. While pain might be excruciating to one person, it can be a minor inconvenience to another. Insurance companies review factors like the ones listed below to determine a fair settlement amount to offer to the victim: fraud, malice, negligence, recklessness, and willful or wanton conduct.

All economic and non-economic damages listed above are available in insurance claims and lawsuits.