At HSNO our experienced accountants know that when a client makes a negligence claim it can get messy. In the United States, economic losses are recoverable by contract, as long as the contract explicitly states so. Many companies try to protect themselves and therefore choose liability insurance that will protect service-providing individuals. Anytime one party has failed to maintain their end of the contract, their action or failure to act can often be detrimental to their client. This creates all sorts of problems, but the greatest is financial loss or property damage. The HSNO team is aware that you need facts in order to prove that negligence has indeed taken place. Juries often rely on financial data that the HSNO team provides.
There are many things to consider when you assess damages. They often need to consider duty, breach of duty, cause in face, proximate cause, and all noticeable damages. A client may want to work with you to put a repair or replacement strategy in place. At HSNO our accountants are focused on assessing compensation for the damage and predicting economic losses. We also look over the documents and make sure the wrongdoer didn’t represent themselves falsely. We review all calculations to make sure your team was not intentionally or recklessly deceived.
Another issue when assessing professional liability claims is intellectual property rights. It can be challenging to measure the expected financial loss if you are a company that produces original work and the originality and authenticity of your work has been jeopardized. Nevertheless, in order to make an accurate assessment we review all the old paperwork in order to determine how big of a role that the loss had on your financial condition. We examine the data and offer a financial calculation of loss which can be used as testimony in court or settlement proceedings.