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Florida uses compensatory damage to help individuals recover from the losses associated with an accident. Our team at Pamela Olsen Law can help you learn more about compensatory damage in Florida and how it relates to your personal injury claim. You can review the facts about this form of compensation in greater detail when you call us at 352-671-9777.

Basic Information About Compensatory Damage in Ocala

Did you sustain an injury or other losses in an accident in Ocala, FL? If so, you could have the legal opportunity to secure compensation for the financial burden you face. 

 Around 63,000 people reside in Ocala. Every year, many residents experience accidents that result in property damage or injuries. Individuals can seek damages through an insurance claim or lawsuit in this situation. A favorable resolution to a personal injury claim allows individuals to secure compensatory damages. These damages address losses like medical bills and vehicle repair costs. 

Coverage Offered by Compensatory Damages in Florida

Florida includes two types of damages under the umbrella of compensatory damage. 

Economic Damages

Economic losses represent the first form of compensatory damage in Florida. Economic damages help you cover clear-cut losses associated with an accident. For example, you may receive economic damages to address your:

Generally, lawyers assess the economic damages associated with your case by going over any bills you received after the accident. Your lawyer may also gather information from your employer about your average wages and the time you lost at work during your recovery. 

Non-Economic Damages

You may also receive non-economic damages in personal injury cases in Ocala. Non-economic losses do not have a set price. Instead, they help you secure compensation for things like your:

Florida uses strict legal codes to determine your ability to seek non-economic damages. Provisions of this section of the law generally allow individuals to request compensation if someone else caused their accident, especially if they acted negligently or recklessly. 

Other Forms of Compensation in Ocala

Your personal injury lawyer leads the way in building a claim for you after an accident in Ocala. In many cases, this involves seeking compensatory damage. However, you also have the option to receive punitive damages in some cases.

Florida does not treat punitive damages in the same way as compensatory damages. The court uses these damages to punish the individual who caused your accident instead of simply aiming to cover the losses you sustained. 

For example, the court may award you punitive damages to cover:

Please speak with a member of our team to learn more about the difference between compensatory and punitive damages in Ocala. 

CompensationAccidents That Allow You to Seek Compensatory Damage in Florida

Many individuals wonder when they can attempt to secure compensatory damages. Generally, you have the legal opportunity to seek damages if:

All three of the above factors must exist before you file a legal claim in many cases. Some common examples of accidents that allow for compensatory damage in Florida include:

Car Accidents

A car accident may leave you with severe injuries and extensive damage to your vehicle. You may want to speak to a lawyer if you got hurt in a head-on, side-impact, or rear-end collision. Our team knows how to handle collisions with cars, trucks, motorcycles, and other vehicles. 

Premises Liability Accidents

Sometimes, individuals sustain an injury while visiting someone else’s property. For example, you could become hurt while in a business or private home. Many premise liability accidents involve slip and fall injuries, which frequently lead to broken bones.  

Medical Accidents

We put our faith in medical professionals if we fall ill or contract an illness. Sometimes, medical professionals make the wrong decision when treating a patient. In this situation, they may make the patients’ situation worse, allowing for a medical malpractice claim. 

Other Accidents

We’ve only discussed some forms of accidents faced by individuals living in Ocala. You can secure help handling other accidents – including electrocutions, drownings, or defective product claims – when you contact a personal injury lawyer in Ocala. 

Taxation and Compensatory Damages in Florida

If you’re awarded compensatory damages, do you have to pay takes on the proceeds? Generally, Florida does not tax you on economic losses, such as the damages to cover your medical expenses.

However, the state does typically tax non-economic damages. The way your lawyer structures the settlement you receive for your losses may influence the amount of taxes you pay for the compensation. Keep these factors in mind as you handle your legal situation. 

Methods to Receive Compensatory Damages After an Accident

After an accident in Ocala, many people are not thinking about financial gain. Instead, they want to recover from their injuries and move forward with their lives. Compensatory damages make this process easier as they allow you to handle the expenses associated with your accident. 

A personal injury lawyer can walk you through each step in the process to secure damages after your accident. Generally, a lawyer will:

In many cases, lawyers settle personal injury claims outside of court, allowing you to secure damages for your economic and non-economic losses. However, your lawyer may advise you to file a lawsuit in some situations. 

A verdict in your favor can provide you with compensatory and punitive damages to handle medical expenses and other losses. 

Speak to Us About Compensatory Damages for Your Case

Are you interested in learning more about compensatory damage in Florida? You can receive answers to your questions when you reach out to Pamela Olsen Law. We handle personal injury claims in Ocala and always put our clients first. 

If you or a loved one have been injured in any form of accident in Ocala, Florida due to someone else’s actions, now is the right time to seek help. Contact Pam Olsen, Esq. today for free consultation at (352) 671-9777. Or if you prefer, you can complete this simple contact form and she will be in touch right away.

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