Economic loss refers to a financial loss suffered by a business. Not all economic losses are due to a negligent act of another party, but some are. If you can track an economic loss to instances of negligence against you, then your financial damages may be recoverable. However, only skilled and experienced business litigation attorneys know the court system well enough to help you apply that evidence. Here’s Colson Hicks Eidson partner Curtis Miner to help explain just how our Florida attorneys help business clients address these economic problems nationwide.
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Economic loss is when a business has suffered damages to its profitability. Businesses are designed to make money and economic loss is when something wrong has been done and it’s caused the business to lose money. A business tort is generally a term that gets used for any sort of conduct in the business world where a business is harmed, just like a person is harmed. It can be a fraud. It can be a misrepresentation. It can be forms of, all sorts of forms of cheating or false advertising. There’s business cycles all the time in the United States and just because there’s a downturn in your business doesn’t mean you have a lawsuit or a legal claim to bring. A business tort is when a competitor or some other person has done something wrong, something that violates the law and if you can trace to that wrong. If you can trace to that conduct, specific economic damages that your business has suffered, then you have an economic loss that may be recoverable. For more information, call Colson Hicks Eidson at 305-476-7400 or visit our website, www.colson.com.