Posted on Monday, October 17th, 2022 at 12:00 am
We trust that the products we purchase will be safe and function as expected everyday. From your car to your phone to medications and much more, sometimes that trust is broken when you find yourself injured by a faulty product.
Calculating damages can tell you if it is worth pursuing a case, so it is generally the first step you will take before you even contact a product liability lawyer in Austin. If your damages are high, you will likely receive some compensation, no matter how your case plays out. However, the final total received will likely be different from your initial damages — this is because of how damages are calculated.
The Types of Product Liability Compensation You May Be Entitled To
Under Texas law, you can pursue compensation for damages related to a faulty product. There are two paths your case can take, and that may change what compensation you will receive. In both cases, concrete financial losses like lost wages, hospital bills, and future lost income are the easiest to calculate.
If you decide to negotiate a settlement outside of the courts, you will have these calculated into your compensation. You will also likely have some additional considerations, like trauma, future medical procedures, and long-lasting effects such as disability added to this quoted compensation. These various damages will have a specific value according to the insurance company and will be used to decide where to start negotiations.
In court cases, the judge is typically the one to decide how much you can receive. This can heavily depend on the facts of the case. Concrete costs will be included and are frequently adjusted for future losses or inflation. Emotional and psychological damages that don’t have an easy monetary value to determine will likely be added to the final judgment.
How Damages Are Calculated
Calculating exactly what you may receive can be difficult. Insurance companies don’t show their formulas for compensation, so this can vary wildly. In settlements, it will ultimately come down to what is decided during the negotiations process. Your Austin product liability lawyer will help you determine what the best offer will be to accept.
For court cases, you can get an idea of what you may receive from past cases. Court trials also will count in factors such as if the company has had multiple incidents revolving around the same product. A jury will also likely have some say in this, even if the judge determines the final amount the company will need to pay out.
Find an Experienced Product Liability Attorney in Austin
A product liability attorney is the best source for learning what your case may be valued. An experienced lawyer who knows the local laws will understand how cases need to be handled and what is fair compensation for your damages.
If you need an Austin product liability lawyer, Ramos James Law, PLLC, is here for you. With years of experience, we can give you the best chance at the compensation your case deserves. We offer FREE consultations, so you can find out whether your case is worth pursuing without any further financial pressure.