Business interruption insurance-Does it cover lost profits?

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Posted: 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

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Posted: 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

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Joined: 27 Feb 2008
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Location: Ohio
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Posted: 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

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Joined: 02 Feb 2006
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Posted: 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

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Posted: 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

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Posted: 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.
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Juanita

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