Can a Shredding Company Recover Lost Profit After a Truck Accident?
June 14, 2023
By: Kelsea Eckert, Attorney
The answer is often YES! A shredding company may have the right to pursue lost income from an at-fault driver and the at-fault driver’s insurance company after an accident. The amount of the claim will depend on the length of downtime, as well as other circumstances and applicable laws. Here are a few points to consider:
Liability: To establish liability, be sure to gather evidence such as accident reports, witness statements, and video footage. Once fault is proven, demand payment for the repairs or totaled equipment, as well as the consequential damages. Consequential damage includes income lost while the shredder equipment was down.
Insurance claims: The shredding company should consider filing a claim with the at-fault driver’s insurance company right away. This adverse insurance company may be responsible for covering the direct losses resulting from the accident. These direct losses may include repairs or replacement of equipment, towing, hotel, rental of equipment, downtime, diminished value, etc.
Proof of losses: To support an insurance claim, the shredding company will need to provide evidence of the actual losses suffered. This evidence may include estimates and final repair invoices, out of pocket expense receipts, expert statements, financial records, business documentation, and other relevant records demonstrating revenue typically generated during the downtime period.
Legal proceedings: If the adverse insurance company disputes the claim or fails to provide a fair settlement, the shredding company may consider taking legal action to pursue compensation for all losses. Be aware: every claim has a ‘statute of limitation’. This is the time limit in which to bring legal action. Don’t let time run out!
It’s important to note that the specifics of pursuing insurance claims vary based on state law. Consulting with a lawyer experienced in accidents and insurance claims can provide shredders with the most accurate advice tailored to each specific situation. With your supporting documents and their help, you’ll be well on your way to reclaiming money that is rightfully yours.
About the Author:
Attorney Kelsea Eckert, the driving force behind Eckert & Associates, PA, has been a legal advocate for small trucking businesses for most of her 35-year legal career. As the firm’s lead attorney, she oversees all downtime claims handled by Eckert & Associates, PA. Working mainly with owner operators and small fleets, the firm provides invaluable counsel to countless small trucking businesses battling insurance giants.
Kelsea’s a big believer in the value of small business. She and her firm are adamant that owner operators and small fleets should receive the same treatment as the big guys. Kelsea’s passionate belief that even the smallest trucking companies deserve fair reimbursement for their repairs, downtime, and other out of pocket expenses is the foundation of her firm’s unwavering commitment to their clients. Kelsea’s tenacity, diligence, and belief in justice have made Eckert & Associates, PA a staunch ally of owner operators and small fleets across our nation.