What types of compensation can I get for my personal injury?

| Dec 17, 2020 | Uncategorized

If you suffered an injury because of someone else’s negligent or reckless behavior, you might be wondering what kind of compensation is available for your damages. The compensation you earn from your injuries is vital in covering the cost of recovery, so what kind of compensation is out there?

The first thing to know about compensation is that there is no cap on damages for a personal injury in Kentucky. This means that there is no upper limit to how much you can earn in your personal injury claim. Your claim can provide you with compensation across four different categories:

Punitive damages

This type of compensation is not for the primary purpose of benefitting the victim but rather to punish the liable party. It is not enough that a liable person covers the costs of the damages they did to you; they should also receive consequences for their actions. Not every case will result in awarding punitive damages, but an experienced attorney can help you pursue this compensation.

Economic loss

These damages are measurable in dollars and cents. Common forms of these damages include lost income, cost of repairing or replacing anything, current and future medical costs, renovations for adapting to a disability, and even funeral expenses.

Non-economic loss

The compensation for these damages is not something you can easily measure in dollars. Pain and suffering is the most famous example of this compensation, as its purpose is to cover the cost of the physical suffering the victim experienced. Loss of consortium pays spouses for the emotional damages they experienced with their spouse due to the accident, such as loss of affection or companionship.

Structured settlements

The final form of compensation comes as an alternative to a lump sum payment. A victim can pursue this payment option to earn their compensation weekly or monthly for a fixed period of time. This option can also benefit the victim by reducing the income taxes that would come from the compensation. A personal attorney can help you weigh your options on whether this is a good option.

Get the compensation you need

No matter what kind of accident you suffered, make sure you secure the best possible compensation with the assistance of an experienced personal injury attorney. Their guidance can help you get the most from the types of compensation you deserve.