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Economic damages are the measurable financial losses a person suffers as a result of an accident or injury. In a Wisconsin personal injury claim, they can include medical expenses, lost wages, reduced earning capacity, property damage, and other out-of-pocket costs caused by the injury. Unlike non-economic damages, economic damages generally have a specific dollar value that can be documented with bills, receipts, employment records, and other evidence.
For someone injured in Milwaukee, economic damages can represent a substantial portion of a personal injury claim, particularly when an accident causes serious injuries, extensive medical treatment, or a lengthy absence from work.
Personal injury damages are commonly divided into economic and non-economic losses.
Economic damages compensate for financial harm that can generally be calculated. Medical bills and lost income are common examples.
Non-economic damages compensate for losses that do not have a fixed financial value, including:
Both types of damages may be important when determining the overall value of a Wisconsin personal injury claim.
The economic damages available depend on the circumstances of the accident and how the injury affects the injured person’s finances.
Common categories include the following.
Medical costs are often one of the largest economic losses after a serious injury.
Recoverable expenses may include:
If an injury requires continuing care, anticipated future medical expenses may also become part of the claim.
An injury may prevent someone from working while they receive treatment and recover. Economic damages can account for income lost during that period.
Evidence supporting lost wages may include pay stubs, tax records, employment records, or documentation from an employer showing the amount of work missed.
Some injuries affect a person’s ability to earn income for years or even permanently.
For example, a serious spinal injury could prevent someone from returning to a physically demanding occupation. A traumatic brain injury could affect concentration, memory, or other abilities necessary for employment.
In these situations, economic damages may include the difference between what the injured person could reasonably have earned without the injury and what they are expected to earn afterward.
Calculating future earning losses may require employment records, medical evidence, vocational assessments, or expert testimony.
When an accident damages personal property, the resulting financial loss may also be recoverable.
This is particularly common in motor vehicle accident claims. Property-related losses may involve vehicle repairs or, when a vehicle cannot reasonably be repaired, its value before the collision.
Other damaged personal property may also be considered depending on the circumstances.
An injury can create additional expenses beyond medical bills and lost wages.
Depending on the case, economic damages could include costs associated with:
Keeping receipts and records can make it easier to establish that these costs resulted from the accident.
Because economic damages involve financial losses, documentation is particularly important.
Useful evidence may include:
Insurance companies typically review medical records, medical expenses, and wage-loss information when evaluating an injury claim.
Future damages can be more difficult to calculate because they involve expenses or losses that have not yet occurred. Medical and financial experts may sometimes be needed to estimate those losses with reasonable certainty.
Yes. The amount ultimately recovered may depend on responsibility for the accident.
Wisconsin follows a comparative negligence system. If an injured person shares responsibility for causing an accident, the person’s damages may be reduced according to their percentage of fault.
This can affect both economic and non-economic damages.
For example, if a person sustained $100,000 in recoverable damages but was assigned 20% of the responsibility for the accident, the award could generally be reduced to account for that percentage of fault.
Liability disputes can therefore have a significant effect on the amount ultimately recovered.
A personal injury claim should generally account for more than the bills that have already arrived.
Serious injuries may lead to years of medical care, reduced employment opportunities, or permanent limitations. Settling a claim before understanding those future costs could leave the injured person responsible for expenses that arise later.
Doctors may help determine whether future treatment will be necessary, while vocational or financial professionals may help estimate future income losses.
The more serious or permanent the injury, the more important it may be to evaluate these long-term economic consequences before resolving the claim.
Economic damages can include medical expenses, lost wages, reduced earning capacity, property damage, and other measurable financial losses resulting from an injury. Accurately identifying both current and future losses can be an important part of determining the value of a Wisconsin personal injury claim.
If you were injured because of someone else’s negligence in Milwaukee, Wisconsin, PKSD can review what happened, evaluate your financial losses, and explain the damages that may be available in your case. Contact us today at (414) 333-3333 to schedule a free consultation with a Milwaukee personal injury lawyer and learn more about your legal options.
This page has been written, edited, and reviewed by a team of legal writers following our comprehensive editorial guidelines. This page was approved by attorney Jeffery A. Pitman, who has more than 28 years of legal experience and handled thousands of personal injury cases while obtaining millions of dollars in verdicts and settlements in Wisconsin.
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