What are economic damages?

Economic damages are a type of legal damages that are meant to compensate an individual for financial losses they incur due to an accident. In South Carolina, economic damages are available to help make up for out-of-pocket expenses and lost wages. Out-of-pocket expenses are any costs associated with the accident that are not covered by insurance. These could include medical bills, property damage, lost wages from missed work, and even household costs like childcare or transportation. The court will consider all of these costs and award a specific amount of money to be paid by the at-fault party. Lost wages are another form of economic damages that can be covered in South Carolina accident law. Even if you weren’t at fault for the accident, if you were unable to work because of it, you can be reimbursed for the wages you lost. This includes both lost wages for the time you took off work due to the accident, as well as any potential wages you would have earned in that time had you been able to work. In South Carolina, economic damages can go a long way towards helping individuals cover the costs of an accident. Whether you’re dealing with out-of-pocket expenses or lost wages, economic damages can make sure you get the compensation you deserve.

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