Calculating your damages: What are economic vs. non-economic damages?

Grasping the difference between economic and non-economic damages is pivotal when seeking compensation after a personal injury. These two critical categories of damages encapsulate the various facets of your losses, each affecting the potential compensation you could recover in unique ways.

At DWK Law, our Orlando personal injury lawyers are committed to ensuring you understand these key concepts and how they directly influence the outcome of your injury claims. This blog will dive deep into the nuances of economic versus non-economic damages, offering a clear breakdown of each type and exploring their calculation per Florida law to equip you with the knowledge you need to better understand how to evaluate your personal injury claim.

Defining economic and non-economic damages

Economic damages

Economic damages are quantifiable monetary losses that result directly from the injury. They include:

• Medical expenses: Costs associated with medical treatment, including hospital stays, doctor visits, physical therapy, medications, and any future medical care related to the injury.
• Lost wages: Income lost due to the inability to work while recovering. This also extends to loss of earning capacity if the injury affects your ability to earn in the future.  Many times, a vocational expert is needed to evaluate a loss of earning capacity claim.
• Property damage: Costs to repair or replace property damaged due to the incident, such as your vehicle in an auto accident.

Florida statutes, particularly Florida Statutes § 768.81, provide the framework for claiming and calculating economic damages. Since these damages are typically based upon documentation such as medical bills and tax returns, they tend to be easier to prove based on actual financial expenditures and losses.

Non-economic damages

Non-economic damages compensate for intangible losses, which are not easily quantified in monetary terms but significantly impact your quality of life. They include:

• Pain and suffering: Compensation for the physical pain and emotional distress experienced due to the injury or death.
• Loss of the enjoyment of life: Damages for the loss of enjoyment of life, which covers the inability to engage in normal daily activities or hobbies one participated in before the injury.
• Emotional distress: Includes anxiety, depression, and other psychological impacts from the injury.

Calculating non-economic damages is more subjective and can vary significantly from one case to another. There is no strict formula in Florida for calculating these damages; instead, they are often determined by considering the severity of the injury, the duration of pain and suffering, and how the injury impacts the victim’s daily life and emotional well-being.

How damages are calculated in Florida

In Florida, calculating economic and non-economic damages is typically left to the jury’s discretion in a personal injury trial. The jury considers the evidence presented, including testimony from witnesses about how the injury has affected the victim’s life and livelihood.

It’s also important to understand Florida’s comparative negligence laws, which can affect the total damages awarded. Under this rule, and depending on the specific circumstances, if you are found by a jury to be partially at fault for the incident that caused your injuries, your compensation can be reduced by your percentage of fault and may result in no recovery at all.

We’re here to maximize the value of your claim

Whether negotiating a settlement or going to trial, understanding the difference between economic and non-economic damages is key to accurately evaluating your case’s value. At DWK Law, we ensure that every aspect of your case value is thoroughly accounted for and that you receive the fullest compensation for tangible and intangible losses. If you have suffered a personal injury and need expert guidance on calculating damages, contact us for comprehensive and thorough legal support tailored to your unique situation.