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Reasons To Hire An Expert Economic Damages Witness For A Personal Injury Case
When an individual has been injured due to the negligence of another party, there is no doubt that they will seek compensation. In most cases, when one is out to file a claim, they will find an attorney as a measure to ensure that they enhance their odds of getting compensated. However, most lawyers tend to focus on the non-economic damages when calculating the amount of cash that the injured persons deserve as compensation. Both the plaintiff and defense counsel tend to focus on non-economic losses instead of economic damages. However, one has a chance to increase the value of their claim if they choose to engage a competent economic damages expert. The work of an economic damages expert witness is to determine the economic losses that one suffered as a result of the injury.
When you opt to work with an economics expert when filing a claim, they will typically prepare their testimony after they determine the amount of money that the plaintiff did not, or will not, receive during the period when they were injured. The amount of money that one deserves to be compensated as economics damages resulting from the injuries will include lost wages, loss of earning capacity, payments made to others for the services incurred resulting from the injuries and any lost business profits. In most cases, an economics expert will not offer opinions regarding the medical bills that one paid when recovering, considering that such expenses are usually stipulated in medical billing records.
When you work with an economic damages expert, they will help you determine what financial losses are recoverable. In any personal injury cases, the claimant is entitled to recover all the monetary losses that they incurred as a result of the injuries. When the injuries are considered small, the process of determining the amount of money that one deserves as compensation can be straightforward. However, in the case of persons who suffered severe injuries which forced them to miss some days of work, it is advisable to work with an economics damage expert when determining the amount of cash that one deserves as redress. Assessing the economic losses that occurred when one suffers more severe injuries is not straightforward. When the economic damages expert is determining the amount of cash that one should receive, they will often request and also analyze at least five years of the plaintiff’s past income tax returns. The experts are able to determine whether your income reduced as a result of the injury when they analyze the records. In the case of self-employed persons, the economic damage expert will need to dig deeper into the business records to determine how the injuries affected your business and led to a loss of income.
An expert economic damage expert can also help eliminate calculation issues when you utilize them as a witness when seeking compensation. Courts will need one to present accurate data and information when determining the amount of cash that one requires as compensation, and the experts can provide such.