Economic Loss vs Non-Economic Loss

When a person is injured in a medical malpractice or personal injury situation, they are facing a lot of loss. However, what many people don’t realize is that there are different types of loss. These injuries may result in mounting medical bills, lost wages due to the inability to go to work, as well as emotional trauma. When you file a lawsuit against the negligent party, whether it be a doctor, a pharmaceutical company, or even a public entity, you may be entitled to recover damages for your injuries.

One of the types of loss you may incur when you are injured due to the negligence of someone else is an economic loss. An economic loss is something as simple as the medical bills that you have to pay because of your injuries. You may be entitled to have the person responsible for your injuries pay for at least some of these medical bills. Adding salt to the wound of being injured is the fact that in many situations, injured people cannot go to work. They may even have to apply for temporary disability coverage because of their injuries. Not being able to work makes it even harder for people with rising medical bills to pay those bills. In addition to just treatment alone, you may have to attend physical therapy or go to a rehabilitation hospital. The costs of an injury can have lasting effects on a person’s financial stability.

In addition to financial difficulty, you may also face some non-economic losses due to your injuries. You may be able to recover damages for these non-economic deficits. These may include emotional stress or what falls under the category of pain and suffering. While it is easy to put a price on the economic losses that you have suffered because of your injuries, putting a price on pain and suffering is somewhat more difficult. You may no longer be able to carry on with your day the way you once could. Maybe you can’t take your dog on walks or get up the stairs as easily or stand for long periods of time. This has a serious impact on a person’s livelihood and even their mental health. Not being able to do what you once could is a huge, disappointing adjustment that people who have been injured due to the negligence of another person. If you have been injured due to the negligence of another party, you should speak with an experienced personal injury attorney who can help you fight for what you are entitled to.

The law office of Weinstein, Chase, Messinger & Peters serves Brooklyn and the greater New York area with effective legal services regarding personal injury, medical malpractice, real estate and estate planning. If you need our help, contact Weinstein Chase, Messinger & Peters for you free initial consultation.

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The personal injury law firm of Goldberg & Chase, LLP. in Brooklyn, New York represents clients throughout the New York (NYC) metropolitan area, including the five boroughs: Brooklyn, the Bronx, Manhattan, Staten Island, and Queens. The counties we serve include Suffolk County, Nassau County, Westchester County, and Putnam County.