Business Interruption

Business Interruption Claim

Business interruption insurance protects businesses from recording losses during the downtime following commercial property damage. The insurance coverage is considered the most challenging to adjust and requires trained professionals to handle the adjustment. A public adjuster will first have to determine the total revenue that the company could have made were it not for the disaster to strike. Furthermore, it also caters to operating expenses, such as rent, wages and salary, and bills. The claims process is often confusing and frustrating to a business manager who prefers handling the matter on their own. By working together with a public insurance coverage adjuster, you can have the outcome work in your favor.

Capturing Every Detail for Higher Insurance Payments

When adjusting your claim, there are many documents and records to be reviewed to determine the accurate monetary value of the loss. Adjusters have to look at the financial records, the length of time the business closes, and how long the policyholder will pay for the insurance coverage. Besides, there are several aspects and issues about the coverage that may not be straightforward and standard. We recommend that you don’t discuss such with your insurer as they will see a loophole to exploit your naivety and vulnerability.

For years, we have been in the public adjustment industry, helping many businesses get high payments from their interruption claims. Our expert public adjusters are experienced in handling claims processes involving damages due to disaster-related business interruption. We will look into the details of the case that your insurer’s adjuster may have left out while considering several variables that will strengthen your case. We will also organize the documents required to compile a comprehensive claim. We will negotiate with the company, leveling both ends of the bargain. You’ll get adequate, fair, and satisfactory insurance payment as a result.

Causes of Business Interruptions 

There are several causes of business interruptions. The common ones include:

Fire and explosions

Natural disasters, flood and water damage

Equipment failure

Cyber issues

Inadequate materials due to supplier failure

While the causes mentioned above are the commonly reported, other factors may lead to temporary business closure. They are: 

Theft and vandalism

Loss of water and power

Supply-chain disruptions

What to Do in the Event of Business Interruption Loss

It would be best if you understood how to handle the post-disaster phase. To effectively manage your business interruption loss and file a strong claim, consider the following steps.

Call Your Insurance Agent

You need to contact your insurance company as soon as possible in compliance with the terms and conditions of the policy. Your insurance agent can also arrange for mobile offices to serve as your workplace as you handle the claims process.

Record Keeping

It is critical to practice record keeping. It helps in proving your claim. Hence, try to retrieve the receipts and financial records detailing your everyday expenditure concerning your interrupted business. That ensures that you maximize your settlement payment since no costs are left out.

Prevent Further Loss

While you are a policyholder cushioned from financial losses related to business interruptions, you must mitigate loss as much as possible. The first thing on your mind should be how to get the business up and running again. If there is money required to reduce the claim, you can leverage our public adjusters’ advice on such matters.

Get Your Accountants Involved

To accurately evaluate the extent of loss, you need to gain access to your accounting records. The damages suffered are often calculated based on financial records from the previous year, at a similar time. Our professionals can handle the process and identify the records and future trends that may favor you during the claims process