Consultant’s Corner: Business Interruption Insurance and Vehicles

Q: One of our trucks was involved in an accident where the other party involved was at fault. Their insurance company is dragging their feet in the matter. What are we entitled to in regards to loss of income and property damage, and what action should we take? The car that hit our truck is a personal car and ours is a commercial vehicle.

We do not know why the at-fault driver’s insurer may be dragging its feet in settling your claim; however, to review the details of your vehicle accident, clarify vehicle insurance industry practices and your legal rights, and obtain advice and direction on how to obtain payment for your vehicle damages and loss of business income or profits, you should consult your business vehicle insurance agent and lawyer. Your GSB consultants are neither insurance agents nor lawyers, but for consideration with your business insurance agent and lawyer, you can review the following general comments and considerations for your situation:

1. Vehicle repairs. Rather than directly filing a third party claim with the at-fault driver’s insurer, you have the option of filing a claim with your own insurer to have your vehicle repaired. Your insurer would then seek compensation from the at-fault driver’s insurer for the cost of the repairs made to your vehicle. The following is a related discussion on automobile insurance in Georgia for your review:

http://www.all-about-car-accidents.com/resources/insurance-law/car-insurance/georgia-auto-insurance-

2. Business interruption. Vehicle insurance policies typically include a form of vehicle rental coverage that pays for a replacement vehicle during the repair period; however, you should consult your business insurance agent to determine if you have a form of Business Interruption insurance that would reimburse you for lost income or profits in this situation. Also, you should consult your insurance agent and lawyer to determine if you can submit a claim (or file a lawsuit) for your lost income or profits and possible extraordinary equipment costs (i.e., rental vehicle) to keep your business going.