Loss of business claim

[Luky]

Hello everyone,
after being in accident (8/7/2020), I've filed claim trough the insurance company of second party( driver was at fault).
Even though my vehicle( 2007 Chevy Express 2500) was drive able, I couldn't operate my business as usual( sharp edges on front bumper which took most of the hit) , also ins. company couldn't immediately provide body shop from their approved network, which caused delay in getting vehicle in for needed repairs
I'm in carpet cleaning business and with my van( with a truck mounted equipment inside) being in the shop for a second week, my businesses is hurting( usually I'm booked 2 weeks ahead) I've asked ins. co. to cover my business losses. Their response was positive, but when asking, what documentation should be provided, I was told that's up to me.This is what I gathered so far to support my claim: copies of 2 months of work from my daily planner( June, July), profit or loss statement for said months, schedule C( profit, loss statement) from 2019 tax filing . Question is, my fellow motorists, do you think all that would be enough or should I add some more documents, if yes, what do you suggest.?
Anyone would be able to provide link for a sample letter to file loss of business claim ?
After Google search I got hundreds of samples, but not one for loss of business. Thank you in advance for your responses. I haven't been in accident for over 20 years , but I see that insurance industry game changed no adjuster, 'cause of Covid, just some pocket estimate, followed by bunch of supplemental estimates. I'ts not easy for an old(er) fella to navigate trough all this .
I would be immensely grateful if someone can shine a light on this matter !!!!!!!

 

[Markthebroker]

What did your agent suggest when you asked him / her?

 

[adjusterjack]

I'm a retired claim rep with 35 years in the insurance industry.

I'm assuming the truck has been repaired and you are back in business. That means 2 to 3 weeks of down time. Shouldn't be too difficult for a claim rep to accept.

This is what I gathered so far to support my claim: copies of 2 months of work from my daily planner( June, July), profit or loss statement for said months, schedule C( profit, loss statement) from 2019 tax filing . Question is, my fellow motorists, do you think all that would be enough or should I add some more documents, if yes, what do you suggest.?

If you are looking at a modest amount of money, like a thousand or two, I would look upon that documentation favorably. If you were wanting thousands more I would want to see customer receipts/invoices for the money you actually received during June and July. If not that, then submit your bank statements for June and July showing frequent deposits of money received.

After Google search I got hundreds of samples, but not one for loss of business.

You didn't find one because it's called "business interruption worksheet." Check out the resources in the following search results. Pick one that works for you.

business interruption worksheet at DuckDuckGo

Also read the following article about business interruption claims from the claim rep's point of view:

Challenges in Assessing a Business Interruption Claim | Expert Commentary | IRMI.com

As for a letter, this is not something where you argue pain and suffering, medical costs, etc. It's more simple than that. You compute your loss, you come up with a dollar amount, and you write one or two sentences. "My business interruption loss is $-----. Attached is my worksheet and supporting documents consisting of: ... Thank you very much."

You get the idea.

If you need any more help, feel free to come back to this thread.

 

[Luky]

What did your agent suggest when you asked him / her?

Unfortunately, agent said that loss mitigation department( I made up the title, since they had not provided name of the department dealing with such a claims) will have to wait for documentation chosen at my own discretion. I want to stress out that insurance company is part of 4 strong in US and second party had full coverage( collision& comprehensive). I'm not aware if there is an umbrella policy. Now I'm thinking, I should be better off filing with my car insurance( good hands) for a lot more easier process, but since investigating cop suggested the other party insurance, I opted out.

 

[Luky]

I'm a retired claim rep with 35 years in the insurance industry.

I'm assuming the truck has been repaired and you are back in business. That means 2 to 3 weeks of down time. Shouldn't be too difficult for a claim rep to accept.



If you are looking at a modest amount of money, like a thousand or two, I would look upon that documentation favorably. If you were wanting thousands more I would want to see customer receipts/invoices for the money you actually received during June and July. If not that, then submit your bank statements for June and July showing frequent deposits of money received.



You didn't find one because it's called "business interruption worksheet." Check out the resources in the following search results. Pick one that works for you.

business interruption worksheet at DuckDuckGo

Also read the following article about business interruption claims from the claim rep's point of view:

Challenges in Assessing a Business Interruption Claim | Expert Commentary | IRMI.com

As for a letter, this is not something where you argue pain and suffering, medical costs, etc. It's more simple than that. You compute your loss, you come up with a dollar amount, and you write one or two sentences. "My business interruption loss is $-----. Attached is my worksheet and supporting documents consisting of: ... Thank you very much."

You get the idea.

If you need any more help, feel free to come back to this thread.

Thanks lot for the worksheet source. It didn't occur to me that's the one I need, even thou that I'm familiar with DuckDuckgo. t
and no, my van is till in shop since I refused to accept mediocre work results( can't drive on shredded tire with a 1500 lbs of equipment inside the van. That would be recipe for a disaster.
To elaborate on your statement about amount of money, I take in between $3-$5 K on weekly basis, in good months close to a $15000 gross a month, so, IMO it's still small amount for insurance to pay up. I will write letter in manner that you proposed, I believe there is a beauty in simplicity, even though that numbers will be deciding factor. also I refused to settle for loss of use.
It became clearer how's my week going to look like,
* get more fund channeled for completion of repair job
* stand my ground and ask for at lest for four weeks of reimbursement
Thanks a lot for taking the time to answer on Sunday, I'd happy to reciprocate on matters related to a CC industry.. I'll keep you posted about results, so the next guy has it easier

 

[Luky]

I'm a retired claim rep with 35 years in the insurance industry.

I'm assuming the truck has been repaired and you are back in business. That means 2 to 3 weeks of down time. Shouldn't be too difficult for a claim rep to accept.



If you are looking at a modest amount of money, like a thousand or two, I would look upon that documentation favorably. If you were wanting thousands more I would want to see customer receipts/invoices for the money you actually received during June and July. If not that, then submit your bank statements for June and July showing frequent deposits of money received.



You didn't find one because it's called "business interruption worksheet." Check out the resources in the following search results. Pick one that works for you.

business interruption worksheet at DuckDuckGo

Also read the following article about business interruption claims from the claim rep's point of view:

Challenges in Assessing a Business Interruption Claim | Expert Commentary | IRMI.com

As for a letter, this is not something where you argue pain and suffering, medical costs, etc. It's more simple than that. You compute your loss, you come up with a dollar amount, and you write one or two sentences. "My business interruption loss is $-----. Attached is my worksheet and supporting documents consisting of: ... Thank you very much."

You get the idea.

If you need any more help, feel free to come back to this thread.

Bank statements are also good advice. My only worry is that insurance will ask for names and physical addresses of my client base, which I wouldn't be able provide in order to protect their identity!

 

[fed up]

Hope your covered under a Commercial Auto policy and have a Business (Commercial) policy as well.