What Are Economic Damages?
Economic damages are a type of compensation awarded in personal injury cases. People injured in an accident – for example, a car accident or a slip and fall accident – can get compensation from the party responsible for the accident.
This compensation, also known as damages, is intended to reimburse the injured party for their losses because of the accident. The injured party files a personal injury claim against the responsible party to get these damages.
In Colorado, there are three categories of damages: economic, non-economic, and punitive damages. Of these three categories, economic damages are the easiest to calculate. Economic damages are tangible losses that can be verified and calculated.
To help you understand your rights after an accident, here’s a look at the different types of economic damages you could be entitled to. Contact a Boulder personal injury lawyer to learn more or to get personalized advice regarding economic damages.
Over $50M Recovered in the Past 7 Years
At the Tenge Law Firm, LLC, our goal is to achieve the best possible result for our clients as soon as possible. Each case and each client is different, so we work directly with clients to meet their needs for medical care and personal situations. We have enjoyed great success, with exceedingly high client satisfaction, using this approach.
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$3,250,000 Rollover auto accident involving defective roof and serious injuries
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$1,475,000 Auto accident with head, neck and back injuries
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$950,000 Car accident with brain injury and orthopedic injuries
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$750,000 Policy Limits – Low speed auto accident leading to minor stroke
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$533,000 Trial Verdict - Client hit by airborne patio umbrella with facial scar and concussion.
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$450,000 Pedestrian hit by car
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$300,000 Four-car accident resulting in vertebral fracture and facial injuries
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$200,000 Auto accident with facial injuries
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$120,000 Slip-and-fall at fast food restaurant
What Are Economic Damages in Colorado?
Economic damages are simply repayment for financial losses.
Some of the most common economic damages in personal injury cases in Colorado are:
- Past and future medical expenses
- Lost earnings
- Property Damage
- Out-of-pocket expenses
- Funeral & burial expenses
The purpose of economic damages is to compensate an injured party for their financial losses and expenses caused by an accident.
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Past Medical Expenses
Medical bills and costs can be substantial after an accident, so this is an important category of economic damages. You should document all medical expenses to make sure that you get adequate compensation.
Calculating past medical expenses is relatively straightforward.
Past medical expenses include:
- Hospital bills
- Doctors visits
- Surgery costs
- At-home nursing care
- Medical equipment
- Medication costs
- Therapy and rehab bills – for example, physical therapy, occupational therapy, speech therapy, or cognitive therapy
- Long-term care
When collecting medical bills and calculating damages, remember that your expenses should be “necessary and reasonable.” Additionally, you often won’t be able to recover damages from more alternative treatments – for example, homeopathy, acupuncture, or chiropractic services.
Insurance companies will work hard to avoid as many expenses as possible. A personal injury lawyer understands this strategy and can help you get the compensation you deserve. They’ll help you gather evidence to support your claim and ensure that insurance companies give you a fair settlement.
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In the last ten years, we've recovered $50 million on behalf of our clients. Our motto is simple - You do what you need to do physically recover, and we'll handle the rest.
Future Medical Expenses
Calculating future medical expenses is more complicated. Experienced personal injury lawyers know how to work with medical professionals to estimate future medical expenses.
If you’ve been disabled in an accident and will not make a full recovery, you could have substantial ongoing medical expenses. You need to accurately estimate these expenses to ensure you get the compensation you need. You will not have another opportunity to recover these expenses, so it’s important to estimate future medical expenses as accurately as possible.
Ideally, you’ll wait to make a personal injury claim until you’ve fully recovered from your accident. Doctors call this Maximum Medical Improvement (MMI). When a patient reaches MMI, they have made the most improvement doctors think they will make.
If the statute of limitations or your circumstances force you to file a claim before receiving MMI, you’ll have to estimate future medical expenses. Your team will use medical diagnoses and expert testimony to estimate future medical expenses.
Lost Earnings
Lost earnings compensate you for your loss of income after an accident.
This category of damages covers:
- Missed work
- Diminished earning capacity
- Loss of business opportunity
- Forced early retirement
If you’re unable to work as much as you used to or unable to work at all, this is a crucial category of damages. You need to accurately estimate lost earnings to ensure you get the compensation you need to support yourself and your family.
At the Tenge Law Firm, we feel a profound responsibility to ensure our client’s physical and emotional well being during one of the worst times of their life. We've put together a page of resources to help you gain legal expertise and education about the law.
Out-of-Pocket Expenses
Out-of-pocket damages are a way to compensate accident victims for expenses that don’t fall in another category. It’s a catchall category of damages to ensure you’re reimbursed for all expenses incurred after an accident.
Examples of out-of-pocket expenses are:
- Transportation expenses – for example, rental car or public transportation
- Household services – for example, cleaning or household chore expenses
- Childcare expenses – for example, daycare
You should keep receipts and records of all expenses related to your accident.
Consult a Boulder Personal Injury Lawyer
If you’ve been in an accident, contact a Boulder Personal Injury Lawyer at (720) 897-3410 to discuss your case. Your lawyer will help you understand your rights and what damages you’re entitled to. A personal injury lawyer at Tenge Law Firm, LLC can also help you collect evidence supporting your claim and calculate future damages.
