Trucking companies rely on their fleets of vehicles to generate income. However, accidents can happen. When they do, a fleet can be brought to a halt, causing a loss of income. When no-fault accidents happen to your business, it’s vital to know your options and how to recover the lost income.
Fleets with Business Interruption
There are many kinds of fleets which have business interruption insurance claims (also commonly referred to as loss of use or downtime claims). Some fleets have power units only, with others having trailers as well, with equipment such as flatbeds, refrigerated trailers, and dry vans. Trucks and trailers, small to large, all suffer income loss when downtime occurs. The time it takes to repair or replace equipment, especially in these days of parts’ shortages, can cause significant financial strain. This is why many trucking companies file claims with adverse parties. Aggressive claims reimbursement strategies ensure better recoupment of unplanned losses.
What is Business Interruption?
A business interruption claim is a type of insurance claim designed to provide compensation for lost profits due to specific types of incidents. Business interruption claims are available for trucking companies when their equipment has been hit and they’ve lost profits. Some claims occur on busy city roads and high-speed interstate highways, but others occur while traveling slowly or stopped at warehouses and truck parking lots.
Filing a Claim
Filing a claim with your own insurance company may seem logical, but it’s essential to consider the risks before doing so. Getting a claim filed may result in increased premiums, which could hurt your bottom line, or drop coverage altogether. It’s important to explore all options before deciding on a course of action.
Consider filing a claim against the at-fault party rather than filing a claim on your own policy. If another driver caused the accident, their insurance policy may not only cover the cost of repairs, but of lost income and other related expenses.
Evidence, Evidence, Evidence
It’s crucial to have strong documentation to support your claim. As the claimant, it’s up to you to prove the other party is liable. Without proof of liability, most at-fault insurance companies will deny claims. Make sure you have skilled legal representation to ensure success. It’s also important to have clear evidence of all damages. This evidence includes gathering written documentation of the time and income lost, as well as any additional expenses incurred due to the accident, such as rental vehicles and towing expenses.
Prevent Future Accidents
In addition to pursuing a business interruption claim, it’s also important to take steps to prevent future accidents and downtime. Ensure every tractor is equipped with a functioning dash camera and every driver knows what to do in the event of an accident.
Remember… Options for Recovery
Downtime of equipment can significantly impact a trucking company’s bottom line. Remember, when an accident is not your driver’s fault, there are options for recovery. Filing a claim against the at-fault party may provide compensation without the potential for increased premiums. By taking steps to prevent future accidents and downtime, trucking companies can safeguard their profits and ensure the continued success of their businesses.
Having a skilled legal team may be invaluable when pursuing a business interruption claim. Ask an experienced attorney to help navigate the claims process and ensure you receive the compensation you deserve.