Working With An Economic Damages Expert

Insurance can be an important type of protection for businesses. However, it is a reality that there can be disagreement concerning the coverages and economic losses that the business sustained. This can lead to conflicts over the amount of compensation that the firm should receive for its claim. In these situations, you can find yourself needing to work with an economic damages expert in order to resolve this matter.

Understand That The Insurance's Damage Assessment May Not Always Be Accurate

When you start filing a claim with your insurance, they will need to conduct a damage assessment in order to determine the economic losses that were suffered. Unfortunately, mistakes can be made with these assessments that may underestimate the extent of the impacts the business suffered. If you suspect that this is the case with your claim, you can contest the matter, but you will need to prepare your own estimate for the damages that were suffered. An economic damages expert will be able to perform this role for you so that you can be sure that this estimate is as comprehensive and accurate as possible.

Prepare The Documents That The Economic Damages Expert Will Need To Review

In order for an economic damages expert to perform their job in an efficient manner, they will need to have access to various pieces of information and documents. Preparing these documents ahead of time will allow you to quickly provide the expert with copies that they can review when making their assessment. The exact types of documents and information that will be needed can vary, but at a minimum, this should include copies of any repair expenses, documentation for lost revenue, and any other costs or losses that the business incurred. It may not be possible for you to anticipate all of the documents or other information that the economic damages expert will require, but this can be a good start that will allow the work to begin. In situations where the expert needs additional information, you should always try to provide it to them as quickly as possible to minimize any delays.

Avoid Exaggeration With The Economic Damages Expert

When you are discussing the losses that were suffered by your firm, you will want to be able to thoroughly describe the losses that were suffered without falling for the tendency to exaggerate these losses. Making the mistake of exaggerating the losses can lead to the expert having to review documents or otherwise search for losses that are not there. In addition to contributing to this process taking longer, this can also hurt the credibility of your damage assessment.