Clarifying Economic and Non-Economic Damages

Whether damages are due to a car accident or a premises liability incident, it’s important to understand that different types of loss may be part of an injury claim. For example, compensation is typically divided into economic and non-economic damages, each addressing different aspects of the injured party’s losses.

If you aren’t sure how to pursue the recovery you need after being injured in Tennessee, connect with a Nashville personal injury lawyer. Experts are available to guide you toward financial relief.

Tangible Financial Damages and Intangible Losses

Economic damages are the measurable financial costs incurred as a result of an injury. These often include medical expenses, lost income, and property damage, which is connected to repairs or replacement of a vehicle in a car accident claim or compensation for damaged personal property in a premises liability case. When injuries are severe, expenses for ongoing treatment, specialized equipment, or modifications to the home for accessibility may be required, too.

More subjective, non-economic damages compensate victims for losses that don’t have a direct financial cost, including:

• Pain and suffering. Compensation for physical pain and emotional distress caused by an injury.
• Loss of enjoyment of life. Reduced quality of life due to disability, disfigurement, or chronic pain.
• Emotional distress. Psychological effects such as anxiety, depression, and PTSD resulting from the accident.
• Loss of consortium. Compensation for the impact an injury has on relationships with a spouse or family members.

To build a strong claim, gathering documentation is crucial. For instance, when it comes to economic healthcare damages, doctor’s notes, treatment plans, hospital bills, and prescription receipts are key. Similarly, it’s important to gather non-economic loss evidence, such as statements from mental health professionals and personal journals that detail an injured party’s emotional state, pain levels, and how the injury affects their daily life.

Comprehending the Full Value of Your Claim

Navigating the claims process can be overwhelming, but you don’t have to do it alone. Skilled professionals can assist. Seasoned attorneys can assess the true value of your claim so you don’t settle for an amount that is far too low. Lawyers gather evidence and review documentation to ensure all damages, including future costs, are considered.

As soon as you share your story with a Nashville personal injury lawyer, they can begin to collect the necessary documentation for your case. Then, they will advocate for a fair settlement with insurance providers. They may even be able to pause your medical debt obligations until your claim is settled. Should it be impossible to reach an agreement, your attorney will represent you in court, taking the case to trial to fight for just compensation.

How are you organizing your accident claim documentation? If you have been injured in a car accident or on someone else’s property, seek legal guidance to protect your rights. The lawyers at Calhoun Law, PLC will walk you through your options, gather the necessary evidence, and pursue the compensation you deserve for economic damages and non-economic losses. Contact us today to book a consultation.