How to Deal with Economic Damages Effectively in NY

Damages is a term we hear often. It obviously has more than one meaning but in a legal context, this term is used to indicate losses. When you find yourself dealing with an injury case, you have the right to recover the full amount of damages that you deserve from the event. This term is often divided into two groups, which are economic damages and non-economic damages. They sound similar, but they are very different:

• Non-economic damages have an impact on your personal life.
• Economic damages have an impact on your finances.

To be specific, economic damages in a personal injury lawsuit are represented by the actual financial losses that you have because of your injuries. They’re easier to calculate when compared to a less tangible type of damage, like a non-economic one.

An injury accident causes a lot of financial losses, in both direct and indirect ways. There are many examples, like medical expenses, cost of care, a reduction of the earning potential and so on. Even psychological health injuries can be part of these damages if you need to pay for mental health treatments. All of these will add up and make your total in economic damages.

Economic Damages May Not Be Immediate

To deal with these damages effectively, you also need to take into consideration how the event itself will change your life. Most of what you’ll be going through will be immediate, but you never know how much an injury will change your life. A common mistake is only thinking about the current events and not quantifying your losses correctly.

Worrying about medical bills and property repair is correct, but there’s much more. Your career could change and medical bills could stop you from doing what you love, especially if you’ll be forced to pay them for the rest of your life. Your injury claim needs to include future damages, even if calculating the right value is not easy.

You also don’t need to worry about the total, as economic damages currently don’t have a cap in New York, so there’s no limit to the amount you can recover during your claim.

How Different Types of Economic Damages Work and Why an Expert Is Fundamental

Your claim will drastically change based on the damages you’ll be presenting. Lost earning capacity can be recovered when it has been proven that the ability to earn money has greatly diminished or has been severely impaired by the injuries. In this particular case, an expert will consider a large number of factors like age, health, training, and so on, and evaluate every factor correctly.

If a victim needs to hire somebody to take care of his house while he is recovering from his injuries, and if a housekeeper was not originally considered in the household budget, an expert will be able to include this in the victim’s economic damages, effectively making them recover these expenses. There are many different situations when dealing with an injury claim, like we’ve already said before, and economic damages in New York State are not something you can quantify and take care of on your own.

Money is needed to fix your health and the law is there to make sure you have them. But dealing with the law on your own while you’re already suffering from an injury is not wise. An expert lawyer knows everything about the legal system and will be able to make the most of your claim. He will show you that there’s a lot of expenses you probably haven’t considered because you’re too focused on your current situation. Always hire a lawyer when dealing with personal injury claims, especially if economic damages are involved.