There is no question that we live in world where personal injury claims are becoming increasingly prevalent.
Between the adverts on the TV and the articles in the newspaper it would be easy to think that any accident results in a lawsuit being filed, and indeed the number of personal injury claims being made has been shown to be on the rise. It is a societal phenomenon that is known as ‘compensation culture’, but it would be wrong to think this is a new trend; in fact, that term was first coined in an article by Bernard Levin in The Times newspaper on 17 December 1993.
Nevertheless, businesses today are acutely aware of the risk of being hit with a personal injury claim – should a driver within a logistics company be involved in a road accident, or should a customer suffer a fall on a business’ premises then the door is open to financial compensation having to be paid.
Naturally organisations act to protect themselves against the financial threat by obtaining forms of liability and negligence insurance. But forensic accounting can also be an extremely valuable form of defence.
Frenkels Forensics has a wealth of experience in acting on personal injury claims, both for claimants and defendants. Focusing on the latter, the company’s forensic accountancy team is able to deal with the many issues involved in understanding and calculating the losses that arise from a road traffic accident or a clinical negligence claim. This can help ensure a business only has to pay a fair amount of compensation and not be hit with inflated figures pertaining to loss of earnings, lost pensions or reduced quality of life.
As compensation culture remains embedded within modern society, forensic accounting will continue to play an important role is supporting claimants or aiding defendants to ensure fair settlements are reached in personal injury claims.
For expert help in making or defending against a personal injury claim, contact Frenkels Forensics for an independent appraisal.
By Vitek Frenkel – find me via Google+.