Compensatory damages are money paid by a negligent party to compensate a victim for the economic and non-economic losses they suffered. The compensatory damages an accident victim is entitled to can depend on several factors, such as the severity of their injuries, their prognosis, how much time they missed at work, and many other variables. When you work with a personal injury lawyer, they will review your case and assess your compensatory damages to ensure you pursue the full compensation you’re entitled to.
Types Of Compensatory Damages
Compensatory damages are meant to make an accident victim financially whole. There are two types of compensatory damages: economic and non-economic.
Compensatory damages are primarily designed to make the victim economically whole again.
Economic Damages
Economic damages, such as property damage, past and future medical bills, and lost wages, are easily quantifiable and can be given a specific dollar amount.
Non-Economic Damages
Non-economic damages include pain and suffering, emotional distress, loss of quality of life, loss of enjoyment of life, and loss of consortium, which can be much more difficult to quantify.
What Are Punitive Damages?
Compensatory damages are not the same as punitive damages. Punitive damages are meant to punish the defendant for their behavior and deter others from acting similarly in the future. Punitive damages are not as commonly awarded as compensatory damages. Punitive damages are awarded for malicious acts on the part of the defendant, which can include sexual assault, battery, or fraudulent behavior. A court will determine the actual dollar amount of punitive damages owed.
How Are Compensatory Damages Determined?
If you were injured in an accident, you must consult with a personal injury lawyer as soon as possible. A personal injury lawyer knows how to calculate your damages to ensure you pursue the compensation you’re owed. It can be difficult to tell whether an insurance company is making a fair settlement offer or whether you’re leaving money on the table. When you hire a personal injury lawyer, they will consult with experts and your treating physicians to learn more about your injuries, your prognosis, and how your injuries will affect your ability to work in the future. Additionally, experts can also help your lawyer learn how much future medical treatment will cost, to ensure you recover compensation that will allow you to continue to receive vital medical treatment now and in the future.
Should I Hire a Personal Injury Lawyer?
Hiring an experienced personal injury attorney will give your case the best possible chance of success. At the Ibrahim Law Firm, your personal injury lawyer will assess your damages and handle all communication with the insurance company, including settlement negotiations. With an attorney from our law firm on your side, you can feel confident that your attorney will help you recover the fair compensation you deserve.
Contact Us Today
If you were injured in an accident that was caused by the negligence of another person, a personal injury lawyer can help you pursue compensatory damages for the harm you have suffered. Contact the Ibrahim Law Firm today to schedule a free legal consultation to learn more.
