Imagining a significant business loss can be both frustrating and unsettling. However, knowing there are ways to prepare for and prevent such situations offers peace of mind for most business owners.

Since these business tycoons know the value of avoiding non-economic and economic damages, they hire economic damages experts witness. Fundamental principles need sound understanding to reach a level where everything is crystal clear in terms of running and checking operations and finding a business’s losses and gains. 

Keeping that in mind, we have shared some of the core information that every businessman must get familiar with. 

Contact Joey N. Friedman today for trusted, accurate, and accredited forensic accounting, business valuation, and expert witness services.

Here is what we have covered in this blog; 

H1: What is an Economic Damage?  H2: Kinds of Economic Damages H2: Other Types of Economic Damages  H1: The Definition of Non-Economic Damages H2: Types of Non-Economic Damages  H1: Availability of Economic & Non-Economic Damages  H2: Availability of Economic Damages  H2: Availability of Non-Economic Damages H1: Tips to Claim Non-Economic Damages as a Victim

What is an Economic Damage? 

Compensations received from monetary losses are referred to as “economic damages.” For example, any past or future medical expenses, revenues and earnings, property repairment, other property matters, monetary damage to domestic services, and loss of employment or other types of business prospects are all types of economic damages. 

Kinds of Economic Damages

Typically, there are three types of economic damages that are fixed and taken care of by economic damages expert witnesses. Those include; 

Medical Economic Damage 

The most highlighted type of economic damage is the one where medicine and healthcare are involved. Medical and economic damage is experienced by the injured person and then taken to the hospital. While being hospitalized, medical bills, follow-up treatment sessions, and preventive measures are taken as medical damage. These damages are filed and addressed by the company’s employer. 

Property Damage

Another compensation is received if and when the property is damaged. This means that if there is evidence of damaging the policyholder’s property, their liability is covered. However, it is imperative to claim the economic damage of vehicles to receive payments for repair and replacement of the property. The payment is primarily received when the value of a vehicle is noticed. 

Lost Wages 

When injuries cause lost income, it can be a significant burden for professionals. However, consulting an expert witness for economic damages can help build a strong case to recover lost wages and secure fair compensation.

Other Types of Economic Damages 

Some of the other types of economic damages for which you might need to take economic damages expert assistance are listed below; 

Expenses on physical therapies

The expense of domestic services associated with the injury

Traveling expenditure in order to get medical assistance and treatment (it is to and from the actual destination)

Expenses on the repairment and replacements of the property 

The Definition of Non-Economic Damages

Unlike economic damages, non-economic damages are subjective intangible. These need to be documented or have complete evidence. Due to these reasons, they are more difficult to claim and get an accurate calculation of the loss, and they need to be filed.

Types of Non-Economic Damages 

Some of the main types or examples of non-economic damages are listed below; 

Forfeiture of joy in life 

Scarring and deformity 

Any pain, injury, damage, or suffering 

Consortium loss 

Companionship loss 

Emotional distress and mental torture 

Fertility loss 

Limb loss 

Losing sexual functioning 

Disabilities of any kind

All these types of non-economic damages are quite challenging to quantify. The reason for it is simple – these are subjective and don’t have proper documentation. Due to all these complications, juries find it hard to assign even a dollar to the loss in non-economic damage. As a consequence, the awards are mostly excessive and erratic. 

If anyone in the United States feels stuck in a non-damage claim, they should head to Joey Friedman CPA,PA.

Availability of Economic & Non-Economic Damages 

As we have understood from the information above, economic damages are documented, which makes them accountable. On the other hand, the non-economic damages are hard to handle because they are intangible and not documented. Nonetheless, both of them are similar in one way – they are personal injury-related cases.

In other words, non-economic damages are meant for non-monetary losses and their compensations. Economic damages always result in monetary losses.  

Availability of Economic Damages 

All the financial losses that are somehow recovered through a “personal injury lawsuit” are economic damages. Some of the most accurate examples of this type of damage or loss include; 

• Patient’s bills for medical investigation and treatment, bills for medication, and even physical or mental health therapies. The cost of damage is for both – what the patient has paid and the health plan. 
• The amount is given for the repair and replacement of the broken property. 
• Lost income or wages because of the injury.
• Funeral expenses are also included in the economic damage. 
• The economic damages also include the service charges of a housekeeper, petrol mileage, and therapist appointments. 

All of these are available whenever required because of the readily found documentation. 

Availability of Non-Economic Damages

Anything that doesn’t involve money but has caused pain and suffering comes under non-economic damages. These are not easy to file or document and have no proof of the happenings, which is why they are the most difficult ones for juries to look into. Cases that emerge on the surface need more clarification and evidence to work on. People who have experienced such losses are instructed to make a journal with complete information. For example, taking and noting testimony from friends or relatives best suits the interests. 

Tips to Claim Non-Economic Damages as a Victim

Proving and testifying to claim non-economic damages can be a challenging process for victims. However, there are ways to file a case and seek compensation.

Get Professional Testimony

The impact of any accident resulting in an injury is testified by mental healthcare professionals (psychiatrists or psychologists). The responsibility for emotional or mental pain is taken into account by only these two professionals. 

Follow the Doctor’s Plan for Treatment 

The doctor’s plan for taking care of, admitting, or treating the victim needs to be documented. This helps in claiming non-economic damage. 

Journaling and Documenting Occurrences Periodically 

There is another way to document the pain, feelings, and signs to represent injury. Writing everything down in chronological order enables economic damage experts to project and protect the victim on stronger ground. 

Look Out for Mental Healthcare Practitioner 

The victim should address emotional distress and pain to the appropriate healthcare practitioner. The sessions’ findings, takeaways, and discussions must be documented. 

Don’t Ignore the Power of Pictures 

Recording and documenting physical injuries helps in claiming non-economic damage. A victim must take pictures to showcase the severity of injuries and how they healed. 

Don’t Use Social Media for a While 

The economic damages expert witness advises against using social media during the lawsuit process. Once the case is completed, social media use may resume as normal. 

Hire a Witness Testimony 

Having testimonies from family members, friends, and even colleagues can help you win the non-economic damage case. This tip works best in favor of all those who are victims of non-economic damage and want to claim a dispute. These people who testify to the impact of injury (that caused low productivity at work and in personal life) establish evidence. 

Pro Tip: Hire an Economic Damages Expert 

Hiring an economic damages expert from Joey Friedman CPA,PA assists in gathering enough evidence to strengthen the case authentically.