Business Interruption is a delicate matter – and you need to pay close attention to it. That is, if you want to get your business up and running as soon as possible. And in order to do it – you will need a professional claims adjuster who can speed up the process. A-Z Claims Adjusters is a company that you can trust with your business interruption insurance claims.
Unfortunately, business interruption loss is a problem many businesses face sooner or later. This is a serious matter that requires a clear strategy. Causes vary from supply chain disruptions and cyber risks to natural disasters. We have helped many satisfied clients filing all sorts of insurance claims, including fire, vandalism and water damage insurance claims. Managing business interruption insurance claims is also among our specialties. A professional claims adjuster will speed up the claims process and ensure you get back on your feet.
What is covered by business interruption insurance?
Before anything, check your insurance policy. Business interruption insurance coverage depends on the policy but it usually covers short-term financial loss caused by an interruption to business operations when there is damage to the business equipment or premises. Also, the coverage often includes prevention of access to the business premises and even loss resulting from an interruption to supply of goods and services. On the other hand, your policy may have some exclusions (or items it does not cover). For instance, damage caused by natural disasters may be one of them.
Business interruption insurance covers the following:
- Fixed Costs
- Extra Expenses
- Employee wages
- Loan payments
- Civil Authority Ingress / Egress
- Temporary Location
- Commission and Training Cost
How to make sure business interruption insurance claims are accepted and payment is obtained?
The purpose of business interruption insurance is to cover the loss of business income, putting your business back in the same financial situation it was in before the unfortunate event. The payment depends on the past financial records of the business.
One cannot purchase business interruption insurance as a separate policy. It comes as part of a comprehensive package policy or an addition to a property/casualty policy. A well-presented, strong and clear business interruption claim that is easy to understand is less likely to be rejected. This is what you need to get your payment as quickly as possible.
Things to consider when putting together business interruption insurance claims
- The insurance policy. The policy is the basis of every business interruption insurance claim. It determines what kind of damage the insurance covers.
- The damage to the business property. There has to be damage to the premises or other property. Alternatively, an extension can cover the interruption.
- The financial loss. The loss has to either result from the damage to the premises or be covered by an extension.
- The exclusions. The policy contains a list of items it does not cover. For example, natural disasters such as earthquakes may be on the list.
- The extensions. The policy may contain extensions or items it covers in addition to what is lost due to damage to the premises. Extension coverage is sometimes limited to a percentage of the sum insured (the maximum amount of business insurance coverage). These extensions often include the following:
- Interruption to the supply of goods and services,
- Prevention of access to the premises,
- Interruption resulting from damage to the premises at suppliers and customers.
- The presentation of the claim. How you present business interruption insurance claims is extremely important. The insurer will need a lot of relevant information in order to process your claim and your responsibility is to provide it.
Steps to take before a loss
Form a support team
Prior to an unfortunate event, gather a team of professionals who have your back. The team should include operation managers, engineers, controllers, property claim advocates, claim project managers, forensic accountants, etc. They can determine the impact of the damage to your business operations, determine how much revenue you have lost, present the impact calculations to insurers, etc. Insurance policies often include professional fees coverage for the use of these services during the preparation and resolution of business interruption insurance claims.
Form a response team
This team will help you address many issues following a loss. There will be many questions to answer regarding your business after suffering a loss and your response team will provide the necessary guidance. They will speed up the recovery and help your business go back to normal sooner rather than later.
Assess pre-loss values
Preparing an effective insurance program demands an in-depth risk assessment. Thus, you will be able to make better decisions regarding the amount of coverage you should purchase and what kind of extensions you need. Consider redundant capacity, supply chain interdependencies, changing customer demands, market trends, etc.
There is nothing like a good partner
Whatever the cause, a business interruption can have serious, even fatal consequences for your business. With that in mind, you should act immediately. The longer you wait, the more you risk. Hiring a reliable team of helpers is the fastest way to get back on track. So, prepare your insurance policy and call the best public adjuster South Florida has to offer. A-Z Claims Adjusters is a company that has your best interest in mind. Our employees know how much frustration a business interruption can cause which is why we are determined to help you get back to work as soon as possible.
Our job is to investigate business interruption insurance claims and determine the level of the insurance company’s liability. We guide our clients from the very beginning until the end of the claims process. With our dedicated professionals, you will reach the settlement you deserve in no time.
We will make your insurance claim a top priority, and your business will be up and running in no time. Once we help you claim your insurance policy – you will be ready to take your business to the whole another level. The whole insurance claim process will be over in no time, and once it is – you will be able to proceed with your business as usual. So, give us a call right away, and let us take care of everything for you!