After suffering injuries due to someone else’s negligence, the medical bills, lost wages, and physical pain can affect your daily life and mental health. Fortunately, with the help of an experienced lawyer, you can pursue compensation for all your losses, including economic and non-economic damages. Economic damages refer to financial losses, while non-economic damages encompass non-monetary losses. At Mandelbaum Barrett PC, we can help you understand these types of damages and the full value of your claim.
Our personal injury attorneys have decades of experience helping accident victims throughout New Jersey secure fair compensation for both economic and non-economic damages. With our knowledge of personal injury law and dedication to our clients, we may help you navigate the complexities of your claim and fight for maximum compensation. Our comprehensive services and personalized approach allow you to focus on recovery and give you the best chance of achieving justice.
What Are Economic Damages?
Economic damages are objective financial losses with a monetary value that can be proven with bills, receipts, invoices, pay stubs, and tax returns. They aim to make you whole again after an accident. These damages often include the following:
- Past, present, and future medical expenses
- Lost wages from missed work
- Loss of earning capacity
- Property damage
- Transportation costs
- Home modifications
- Caregiving services
- Assistive medical devices
Our seasoned lawyers can help you gather all the bills related to your injuries and calculate these damages accurately, including future costs.
What Are Non-Economic Damages?
In contrast to economic damages, non-economic damages cover intangible losses and have a subjective, non-monetary value, making them more challenging to calculate. Some common examples include the following:
- Pain and suffering
- Emotional distress
- Reduced quality of life
- Disability or disfigurement
- Loss of consortium
The abstract nature of non-economic damages can make them difficult to quantify, so it’s essential to have a lawyer’s help. At Mandelbaum Barrett PC, we consider every detail and gather evidence, such as personal statements and witness testimony, to prove the emotional impact of your injuries and ensure you don’t settle for a lowball offer from insurance companies.
3 Factors That Impact Your Personal Injury Claim’s Value
When you file a personal injury claim to recover economic and non-economic damages, you may wonder what your claim is worth. However, because every case differs, there’s no simple formula to determine a personal injury claim’s value. It depends on several factors we can help you consider and understand, including the following:
Injury Severity
If you suffered a severe injury that requires extensive medical care and ongoing treatment, such as a brain or spinal cord injury, your claim will likely have a higher value due to medical expenses and the long-term inability to work. These injuries also typically involve significant emotional losses that require counseling and therapy, which also contribute to your claim’s value.
Recovery Period
A more extended recovery period for personal injuries generally leads to higher claim value due to the prolonged pain, lost wages, emotional distress, and lower quality of life associated with them.
Comparative Negligence
If your actions potentially contributed to your accident and injuries, you may still recover damages thanks to New Jersey’s modified comparative negligence statute. This rule assigns a fault percentage to each party involved, which is calculated from their respective damages. For instance, if you’re 20% responsible for an accident, your compensation is reduced by 20%. An injured party whose negligence is over 50% cannot collect any damages. We can help you understand how this law may impact your claim and minimize the fault assigned to you.
Pursue the Compensation You Deserve With the Help of the Experienced Lawyers at Mandelbaum Barrett PC
If you’ve suffered injuries due to someone else’s negligence, understanding the difference between economic and non-economic damages is crucial to securing fair compensation. At Mandelbaum Barrett PC, our team of skilled personal injury attorneys has the knowledge and experience to help you pursue the full value of your claim. With decades of experience handling personal injury claims, our experienced attorneys include Certified Civil Trial Attorney Andrew Bronsnick and Co-Chair Joseph J. Peters.
Don’t navigate the complex personal injury claims process alone. Let our dedicated, Spanish-speaking team fight for the compensation you deserve with innovative strategies while you focus on your recovery. Contact Mandelbaum Barrett PC today at (973) 585-5100 or through our contact form for a FREE consultation.