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May 17, 2021

What Are Economic Damages?

A serious accident leaves you with serious injuries and a deadly serious financial situation. You’re hurt, you’re unable to work, and your expenses are piling up. But you didn’t cause this mess. Shouldn’t someone else have to pay for your losses?

You might have experienced a wide range of losses, injuries, and setbacks, but the ones that directly impact your finances can be the most stressful. These are called economic damages. And in Alabama, if someone else caused your accident, they’re on the hook for your economic damages. 

If you’ve been hurt in an accident, you may need a lawyer to help you assess your economic damages and fight for the full value of your claim. Reach out to the Henry Dailey Law Firm to determine what damages you’re owed and what your claim is worth. 

Types of Economic Damages 

Your accident likely triggered financial losses that can impact your quality of life. If you haven’t felt the financial strain yet, it’s probably coming. Your hospital bills alone may be more than you can afford already. 

But what about the days you were unable to work—the ones you won’t receive a paycheck for? What about the changes you need to make to your home to accommodate your injuries, such as wheelchair access? 

And then, of course, there’s any property damage that resulted from the accident.

All of these financial losses are economic damages, and the at-fault party may owe you compensation for them. If you’ve been injured and suffered a monetary loss, an attorney can help you seek compensation. 

Calculating Future Damages

One problem you may face is not just the costs of your injuries, but the future costs. For example, say you suffered a spinal cord injury that will require future treatment. But you’re not sure how much your future surgeries may cost. 

In these cases, you may need a personal injury lawyer’s help to plan ahead and estimate these economic damages. You may not have another chance to get your compensation, so acting now is vital. 

Can I Seek Other Damages? 

While your economic damages may be the most important damages to you in the moment, you may be eligible for other forms of compensation. For example, you may also be owed non-economic damages. 

These damages don’t cover the financial losses you’ve suffered—they cover the intangible mental and emotional toll of your suffering. The value of these damages may be more difficult to calculate than direct financial losses, but your lawyer can help. 

In some cases, you may even be owed punitive damages. These damages aren’t supposed to compensate you for your suffering. They instead punish the wrongdoer for their actions. But these damages are rare and may be limited

Fighting for Your Economic Damages

When someone else has hurt you through their careless actions, you may be owed compensation that covers their costly mistake. The problem is that the at-fault party may not want to pay, and you may not have the tools to convince them or determine how much you’re owed. You may need help getting compensated for the financial hardships you’ve had to endure. 

A free consultation with the team at the Henry Dailey Law Firm can get you on track. Our attorneys can help you calculate the value of your claim and get every single cent. For more information, reach out for a free consultation by calling 205-995-2412 or by completing the online contact form below.

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