Insurance claim

[Asiancajun]

I had to closed my business for a week because of Harvey. Can I file lose of revenue with the insurance co? Thx

[Guest123018-4]

Do you have loss of business insurance?

[Asiancajun]

not sure. gotta check my policy.

[Asiancajun]

only see liability and property ..

[VitaMan]

That would be odd to be insured. Similar to an opportunity loss type of claim.

[Guest123018-4]

If you do not have loss of business you will more than likely not be paid for your loss. I am not in the insurance business but have worked with companies that were flooded that have this additional insurance. It really motivates the insurance company to not hinder the process of getting them back in business.

[texas99]

call your insurance, i think you need loss of business coverage. otherwise you have to eat the business loss

[VitaMan]

It sounds like you are talking about 2 different things. One is having the insurance company pay you because your business is not able to operate. The other is a delay in receiving insurance claim money, which would cause you to not re open again for a while.

The concept of having them pay you for loss of revenue due to the incident does not seem viable. It is an opportunity loss.

If you are with your wife or girlfriend, and a better looking woman walks by, are you going to file a claim against them for a lost opportunity ?

[Asiancajun]

thx guys

[Guest123018-4]

Nope, they do have loss of business insurance that pays when you cannot conduct business due to the inability caused by an insured loss. It is not a simple thing to calculate but it does exist. You need very good accounting and records.