Whenever you or a loved one has sustained injuries by using a defective product, you may be able to file a personal injury claim and be entitled to compensation for damages. In these types of cases, determining the types of damages is essential to evaluating what your product liability claim is worth financially. In legal terms, “damages” refers to the amount paid to the injury victim to compensate them for their injuries as well as any financial losses attributed to them.
In personal injury case settlements, financial restitution for one’s injuries and financial losses are commonly referred to as “compensatory damages” or compensation for the plaintiff’s injuries. These damages are intended to make the injury victim or plaintiff financially whole again. In other words, a dollar value is attached to these damages. There are two types of compensatory damages – compensation for economic and non-economic losses. Here is the breakdown and explanations of each.
Economic losses refer to financial or property losses incurred by the plaintiff because of their injuries. The most common ones include:
• Disability costs – refers to lifestyle changes of a disabling nature such as having to hire a person for housekeeping and household maintenance or renovating your home to accommodate your loss of mobility
• Lost income or profits – individuals who are unable to return to work or self-employed business owners can demand compensation for lost income or lost profits; also includes compensation for loss of future income or profits
• Medical expenses – includes hospital and physician, physical therapy, and prescription medication as well as any future medical expenses attributed to your injuries
• Property loss or repairs – if your property was damaged or destroyed when using a defective product, you may be compensated for repair or replacement costs
Non-economic losses are sometimes called “non-monetary” losses and usually refer to emotional or physical suffering (injuries that are difficult to quantify). These include:
Loss of consortium – compensation for injuries negatively impacting the relationship of two domestic partners or spouses; this includes everything from loss of companionship and emotional support to the loss of affection and sexual relations
Pain and suffering – includes compensation for anguish, loss of enjoyment of life, or pain that is attributed to your injuries; personal injury lawyers will examine the amount of compensation awarded in similar cases in order to estimate the value of your pain and suffering (NOTE: due to the intangible nature of these damages, compensation will vary considerably from one case to the next)
That is why it becomes essential to discuss your specific case with the injury lawyers in Kitchener. They will be able to help you get the right assistance in time.