What Are Economic Damages?

When you find yourself amid a legal matter, it’s essential to grasp the terminology surrounding your case. One common term in personal injury and family law is “economic damages.” But what exactly does this term mean, and how might it affect your case? 

Let’s break down the concept of economic damages in Tennessee law in an understandable way.

What Are Economic Damages?

If you get injured in an accident or incident in Tennessee, you can file a personal injury lawsuit to seek compensation. They usually divide this compensation into two main types: economic and non-economic. In this resource, we’ll concentrate on economic damages.

Economic damages refer to the financial compensation the court grants to help people who have suffered injuries. This money can help cover all the expenses resulting from their accident. These damages are tangible and generally need you to show proof of bills and invoices as evidence.

Non-economic damages compensate for emotional trauma, mental anguish, and pain and suffering. This can be more difficult to prove because you can’t show a receipt for emotional distress.

What Are Common Types of Economic Damages in Tennessee?

Economic damages can encompass a wide range of expenses an individual may incur following a personal injury incident in Tennessee. Some of the most common types of economic damages include:

Initial Medical Expenses 

This category covers costs related to medical procedures and tests like  X-rays, blood tests, MRI scans, emergency room care, and surgeries.

Rehabilitation Costs 

Many accident victims in Tennessee need extensive physical and occupational therapy following injuries. These costs are frequent for injuries sustained in car crashes or bike accidents.

Property Damage

Victims can get compensation for repairing their vehicles or personal property.

Lost Income

Often, injuries sustained in auto accidents force individuals to miss work. Compensation for lost income can be claimed by filing a lawsuit against the at-fault party.

Loss of Earning Capacity

Some injuries may prevent Tennessee residents from earning an income and continuing their careers.

Funeral Expenses

Family members can seek compensation for funeral costs in tragic cases involving fatal truck accidents (wrongful death).

You can be repaid for legal costs when dealing with insurance companies that act in bad faith, such as hiring an attorney to file a bad-faith lawsuit. Pursue economic damages to get reimbursed for these expenses and other out-of-pocket costs.

Contact an attorney if you require guidance or representation for your case.

How Much Compensation Can I Receive From Economic Damages?

Courts and insurance companies consider several factors when determining the economic compensation an injured party may receive in Tennessee. These factors include:

  • The cost of the victim’s initial medical treatment.
  • Expenses associated with the victim’s rehabilitation.
  • Fees for ongoing healthcare needs.
  • Charges related to repairing or replacing damaged property.
  • Lost income due to missed work.
  • The impact of the injury on the victim’s career prospects.
  • The bodily injury and property damage limits of the at-fault party’s insurance policy.
  • Individuals who sustain injuries leading to long-term disabilities and career limitations tend to receive more substantial payouts.

If you think you have a medical mistake or a problem with a product, it’s a good idea to contact a lawyer.

How Do I Know if I Am Eligible for Economic Damages?

Not everyone who sustains injuries in accidents in Tennessee is entitled to economic damages. However, you may have a viable claim if another party or entity is responsible for your injuries. 

Generally, to recover economic damages for injuries sustained in a Tennessee accident, you must be able to prove the following:

  1. The other party owed you a duty of care.
  2. The other party breached that duty through negligence.
  3. The breach of duty directly caused your damages.
  4. The extent of your damages.

Typically, the best way to establish these points is by presenting the court with relevant evidence, such as:

  • Video footage.
  • Accident scene photographs.
  • Medical records.
  • Eyewitness statements.

Consult a knowledgeable attorney to determine if you have a viable personal injury case. Act as soon as possible so you don’t miss out on receiving the compensation you deserve.

What Is the Statute of Limitations for Pursuing Economic Damages in Tennessee?

In Tennessee, the statute of limitations for most personal injury cases is one year. This law comes from the Tennessee Code Annotated section 28-3-104. In most cases, the one-year timeframe begins on the date of the victim’s accident. Yet, the clock starts on the day they turn 18 for cases involving children.

The statute of limitations for wrongful death suits in Tennessee is also one year. It commences on the day the victim dies.

There are exceptions to these deadlines in some cases. You must file a lawsuit within the necessary timeframe to be able to seek economic damages. If you need help filing your case, contact an attorney immediately. 

An Experienced Nashville Personal Injury Lawyer Can Help

The financial and emotional impact after an accident can feel overwhelming. When you need help seeking economic damages following an accident, hiring a knowledgeable Nashville personal injury lawyer will make sure that you receive compensation.