When your business suffers any kind of damage or loss, you need peace-of-mind that normal operations will not be severely affected, which ultimately results in further revenue loss. At Atlantic Coast Public Adjusters, we take care of your claims, to ensure that it’s filed in a timeous manner and that it’s treated fairly.
What Is A Business
Interruption Claim?
A business interruption claim is intended to cover any financial loss in business because of circumstances that prevent them from operating as per normal. This can damage the business premises or equipment. In some cases, coverage can be extended by including interruptions to a business’s supply chain. All businesses should have this coverage through their insurance. Whether your business has suffered water damage, fire damage, or damage from natural forces like a hurricane, a business interruption claim will give you the chance to recover your losses and get your business back up and running as soon as possible.
Elements To Consider In Your Claim
Let’s look at a few important points in the process of your claim:
Indemnity Period: It’s important to understand the period of indemnity. This refers to the date from when the loss or damage occurred, and it ends when the specified period of expiration stated in your policy is reached or when the business is operating under normal circumstances again. Coverage usually begins from the day the damage occurred.
Insured Amount: You must be aware of the amount of coverage you have and what you can claim for.
The Policy: Your policy will outline what is covered and what isn’t. Policies do outline terms that are relevant to your situation, however, this is where things can get complicated should you not fully understand what you are reading.
Damages: Calculating damages can also get a bit complicated when you apply external factors like seasonal trends and consumer patterns, or establishing the number of sales or revenue that would have occurred had there not been an interruption in business. Internal factors like locating business records or transferring the business to other branches can also make calculating damages more challenging.
Extensions: Does your insurance coverage extend to other losses that are not included in the business interruption claim? For example, are natural disasters included in your policy? You’ll need to be familiar with all aspects of your policy prior to initiating a claims process. Similarly, exclusions should also be considered.
Presentation Of Claim: It is important to submit your claim with all the relevant information that the insurer may need. Because insurance companies are dealing with many claims on a daily basis, giving them everything they need will expedite the process between the insurer and the insured. The background information from the event, as well as financial information, must be easily accessible. It should also include a letter covering:
- An overview of your business details including locations
- Details of the damage to premises, details of interruption such as suppliers and details of prevention of access
- Current trading situation
- The impact the interruption will have on your trading
- A timeline of notable events
- Relevant calculations
- All other documents that support your claim
Review Of Claim: Finally, your claim will be reviewed to ensure that all information is included and correct in order to expedite the process of settling your claim.
How Can We Help Your Business?
You wouldn’t go to court without an attorney, so don’t process your claim without a public adjuster. We have experience dealing with business insurance policies and we know they can be complex, filled with various limitations and exclusions that are not initially noticed by the policyholder. Because business interruption claims are complicated, this sometimes leads to business owners not receiving what they are due. The chances that your insurance company has your business’s best interests in mind are slim. Public adjusters, on the other hand, work to obtain the best return for policyholders throughout the claims process. This includes conducting valuations, compiling claim documents and reports from experts, communicating with your insurance company, and negotiating a fair and beneficial settlement.
Contact our experienced adjusters for your business interruption claim, so that you have the peace-of-mind to continue with your business growth. Damage and disasters do not need to be the end of your run if you handle your business interruption claim right. Call us today at 877 561-2524!