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What Are Economic Damages in Texas?

After suffering an injury, you've likely heard the word "damages" thrown around, but you might not know what it means or what the differences are between different types of damages. However, these damages will be where your compensation comes from.

When you're injured in an accident, your damages can vary. In serious cases, you might be awarded damages meant to punish the other person, while non-economic damages cover the emotional and mental suffering you've dealt with because of your accident. But exactly what are economic damages in Texas?

If you're not certain about the damages you should receive or what types of damages you're eligible for, seek out a lawyer from Colley Firm, PC. We'll fight for your compensation and make sure you're covered for all your damages.

Economic Damages from Your Accident

Economic damages are paid to you for your monetary losses you've suffered after an accident. This covers anything you've lost after your injury that has a price tag.

For example, let's say you slipped and fell in a store, and you suffered head trauma and a broken leg. You're in the hospital for some time and unable to work. When you return home, your lost mobility and head injury make once-basic tasks, like cleaning your home, nearly impossible. In this case, your economic damages might look like this:

  • Medical expenses
  • Lost wages
  • Cost of household services

Economic Damages for Future Losses

But the expenses you accrue don't stop right after your accident. Fixing an injury takes time and money, and you could be racking up some high expenses. Therefore, remember that your economic damages should include the continuing and future expenses for your care.

To return to the earlier example, a head injury can take time and therapy to recover from, and bone fractures may be serious enough to require pins, screws, or future surgery to correct the damage. As such, you might still be collecting bills for therapy, hospital stays, and surgeries, with more on the way, for some time.

You might also be unable to work for some time because of these injuries. If you know these expenses are in your future, you'll need to include these by finding the costs. For example, if you know you'll be unable to work for a long time, you'll need to calculate what your future earnings would have been if you were able to work.

Calculate Your Economic Damages with an Attorney

Economic damages can be simpler than other damages to calculate, but knowing the exact worth of your compensation will be vital to your claim. You'll need to find the full worth of your claim to recover, and a lawyer from Colley Firm, PC, can help.

If you're not certain what your claim is worth, reach out for help. While economic damages cover the financial losses you've suffered, it can be tough to determine the exact worth of your future expenses without help. If you're struggling with your claim, then sign up for a free consultation with our personal injury attorneys. We can be reached by calling 1-877-411-2001 or by filling out the online form below.