The primary reason that individuals file insurance claims or lawsuits after suffering a personal injury is to try and recover financial compensation for damages. One of the main concerns most accident victims are concerned about is how they will obtain compensation to pay for their medical bills, physical therapy, rehabilitation, or any other ongoing care they may need.
However, many injury victims are unaware there are other types of compensatory damages they may be able to recover after being injured.
A skilled lawyer will always thoroughly review a case to determine the various types of compensation that may be available to the personal injury victim. However, individuals should understand that any compensation that may be awarded for injuries would be based on the facts and circumstances of the case.
If you want more information about the compensation, you may be able to recover in a personal injury case, contact our law firm and ask to schedule a free initial consultation.
What is the Difference Between Economic and Non-Economic Damages?
Economic and non-economic damages are also called compensatory damages, as they are meant to “compensate” the victim for losses they have incurred due to their injuries. Economic damages are awarded based on financial losses, and non-economic damages are awarded to compensate the victim for intangible losses.
Economic Damages
Economic damages, sometimes called special damages, are awarded to repay the victim for financial losses. Aside from medical expenses, economic damages can be allocated to the victim for other expenses, including:
- Lost wages: Lost wages compensate the victim for the money they would have earned had they not been injured.
- Loss of earning capacity: Loss of income that the victim could have earned in the future.
- Property damages: These damages are awarded to victims to repay them for costs associated with the repair or replacement costs associated with property that may have been damaged or destroyed in the accident.
Non Economic Damages
Non-economic or general damages are those that do not have a financial value but are given to try and try to make the victim “whole” again. Pain and suffering is often a term used when discussing non-economic damages and can include:
- Emotional distress: The emotional trauma the victim suffered or continues to suffer as a result of being injured.
- Loss of enjoyment of life: The victim can no longer engage in the same activities they participated in before being injured.
- Loss of consortium: Also called loss of companionship, this type of damage is awarded to compensate victims for a change or lack of fellowship between a married couple.
- Permanent disfigurement and scarring: An individual has suffered an injury that has changed their appearance and affected them medically, such as a significant burn scar or amputation.
Who is Eligible to Obtain Punitive Damages in Personal Injury Cases?
Punitive or exemplary damages are also a type of financial compensation that may be awarded in Missouri personal injury cases. However, unlike compensatory damages, which are meant to compensate the victim for their losses, punitive damages serve to punish the wrongdoer and warn others not to repeat the same actions.
However, punitive damages are rarely awarded in Missouri personal injury cases, as the plaintiff must clearly demonstrate that the defendant acted with gross negligence. Missouri law defines gross negligence as the willful and reckless disregard for the safety of others.
Finally, Missouri has a cap on punitive damages. State law states that individuals awarded punitive damages may receive 5 times the amount of compensatory damages or $500,000. However, punitive damages are taxed, and half of the award goes to the state of Missouri. Missouri then places its half into the victim’s compensation fund.
A skilled personal injury attorney will review your case and determine if it is appropriate to request punitive damages.
Why is it Important to Hire a Personal Injury Attorney to Try and Recover Financial Compensation?
Many accident victims are initially hesitant to hire a personal injury attorney. One of the biggest misconceptions is that hiring a personal injury attorney is too expensive. However, in most instances, injury victims can obtain more compensation when they hire an attorney to represent them than if they tried to deal with their claim independently.
Some other significant reasons why accident victims need to hire an injury attorney include:
They have a working knowledge of personal injury law and its relation to their client’s cases.
- An attorney will familiarize themselves with the case and determine all financial compensation the injury victim may be entitled to receive. An injury attorney is familiar with their area’s healthcare system and medical professionals.
- Personal injury attorneys have the knowledge and skills to negotiate a fair settlement with insurance companies.
- An attorney has the legal experience to file a personal injury lawsuit and take the case to trial if necessary.
- An injury attorney handles the claim’s legal aspects, giving injury victims the time they need to recover.
Can I Trust Your Law Firm to Help Me Obtain Maximum Compensation?
If you have been injured due to another person’s negligence, you deserve to obtain the compensation you need to have peace of mind about the future. However, insurance providers often hesitate to pay sizeable personal injury claims as they monitor their financial bottom line.
For these reasons, our law firm is passionately committed to helping injury victims and their families recover maximum compensation. Other personal injury law firms often encourage accident victims to take the first offer presented by the insurer. However, our law firm evaluates our client’s present and future needs to ensure they obtain a settlement that is in their best interest, not that of the insurance provider.
Contact the Labovitz Law Firm of St. Louis, MO, at 314-668-2268 and ask to schedule a free case evaluation to learn how we can assist you with obtaining full and fair compensation for your injuries.
