Business interruption insurance-Does it cover lost profits?

Message Author
ampm-bookmark
delicious-small Add to delicious
yahoomyweb-small Add to YahooMyWeb
blinklist-small Add to BlinkList
PostPosted: Mon Feb 22, 2010 9:19 am   Post subject: Business interruption insurance-Does it cover lost profits?  

Some of our business equipments have been stolen while some got damaged, but we've minimal damages caused to our financial records.

It was immediately reported to the police. Does business interruption insurance cover our lost profits? How do we file such claims?


_________________
Register Now to have your Insurance queries solved.
Brendacool
Guest







PostPosted: Mon Feb 22, 2010 9:15 pm   Post subject:   

Your adjuster should tell you what documentation is needed to evaluate your claim. The coverage you have depends on the coverage you purchased.



_________________

Can I say I’m working if I stare blankly at my computer all day?
Dasfuk
Senior member
Leave a quick message

Dasfuk

Joined: 27 Feb 2008
Posts: 606

Location: Ohio
24.95 Dollars($)

PostPosted: Tue Feb 23, 2010 5:14 am   Post subject:   

If you're intending to file a business interruption claim, inform your agent about the damages that have been caused to you. It's good that you've reported the burglary already. Go through your policy papers to see if you'd need any photo documentation. Also getting an estimation for your damages might help you in filing the claim.

steven
Senior member
Leave a quick message

steven

Joined: 02 Feb 2006
Posts: 1546


215.91 Dollars($)

PostPosted: Thu Feb 25, 2010 9:02 am   Post subject:   

Make repairs to your damages temporarily in order to protect your property. It would be easier for the claims adjuster to evaluate the damages if the damaged parts are saved from further damages.


_________________
Register Now to have your Insurance queries solved.
anonymous00
Guest







PostPosted: Fri Feb 26, 2010 5:09 am   Post subject:   

Keeping a track of your costs and profits is absolutely necessary. If your financial records are properly maintained then Business interruption insurance would certainly cover your profits under a disaster. Get detailed information on your vendors and maintain all bills, receipts etc. in a proper way. Make sure you're in a position to disclose your business income excluding the period of loss.

roddick
Senior member
Leave a quick message

roddick

Joined: 05 Oct 2005
Posts: 957


143.28 Dollars($)

PostPosted: Sat Feb 27, 2010 5:52 am   Post subject:   

Quote:
Make sure you're in a position to disclose your business income excluding the period of loss.


Whenever serious damages are caused to your business inventory and equipments, make sure that you get your losses documented properly. It would really help you at the time when you'd file a claim.



Also, list other associated damages that may have hindered your business flow.
Juanita
Moderator
Leave a quick message

Juanita

Joined: 04 May 2007
Posts: 737

Location: Idaho
137.60 Dollars($)

Quick Reply
Your Name
Subject
Message body
All times are GMT
Page 1 of 1


Get a Quote
Ask Community Experts

flash plugin

Quick Links

Must See

Community

Hot topics in forums

Latest in blogs

    Connection Error: Connection refused