How To File A Business Interruption Claim To Get The Best Settlement

Business Interruption Claim

Insurance claims for your business are often considered a long and complicated process, leaving you to feel frustrated. With the help of a professional insurance adjuster, like Atlantic Coast Public Adjusters, your business interruption claims can be processed to ensure you receive the maximum from the insured property.

What Is A Business Interruption Claim? 

Business interruption insurance covers loss of income which results from damage to insured property; preventing your South Florida business from operating normally and earning revenue. A claim is submitted to your insurance company detailing the damage caused and incident details. These are the following types of claims:

  • Contingent Interruption is aimed at the damage to the business’ supplier premises, which would prevent the delivery of goods or services for normal business operations to continue.
  • Business Interruption covers loss of income while the business is in the process of repairing.
  • Extended Interruption assists once the repair or restoration has taken place but the business is not earning profits yet. This is normally limited to a specific time frame.

How To File A Business Insurance Claim 

Before submitting a claim, contact ACC Public Adjusters to assist with the process.

The following steps can be taken to prepare for your claim submission:

  • Document The Damage Caused To Your Business

    Take pictures and videos of the property damaged as a result of the incident. Although your insurance will send an adjuster to assess, it’s good to have this on hand as proof. Using any video footage will also be helpful in determining the sequence of events before the incident took place. The recording could also prove useful in identifying who was present at the time of the incident. Customer statements and eye witness accounts should also be taken if the incident occurs while customers are present.

  • Report The Incident

    As soon as possible, report the incident to the relevant authority. Keep a copy of the report and record the case or reference number for the insurance claim. You can also provide a copy of the evidence and documented proof to the authorities to assist them in investigating the matter further.

  • Assess Your Insurance Coverage

    Read through your insurance policy to understand which property and equipment is insured. Any limitations to claiming would also be noted. The policy should outline the conditions of claiming and whether any provisions or limits to insured cost are applicable.

  • Temporarily Fix Property

    Repair property to prevent further damage from occurring after the incident. Often insurance companies would not cover damage incurred post-event. Keep all receipts related to the repair in order to submit it to your insurance company.

  • Retrieve Quotes For Repairs

    Get repair quotes from different suppliers in order to forward the cost of repair to your insurance company. This will aid the insurance claims process.

What Is Normally Covered In Business Interruption Insurance Claims? 

Depending on the type of insurance coverage you have, the following is normally covered:

  • Operating Expenses

    Expenses such as staff remuneration, rental and utilities could be covered. These are all expenses that continue to accrue even when your business is not operating.

  • Loss Of Income

    While your business is not operating, you may not be generating an income. The revenue you would have made under normal business operations could be claimed from your insurance.

  • Reallocation Of Business Premises

    If your business property has been damaged and you need a temporary premise, costs related to moving and rental could also be claimed.

To ensure you get the best possible insurance settlement for your business, ensure that you have the right insurance coverage, document as much of the incident as you can and contact us for assistance in submitting the claim for you.

How Do I File A Business Interruption Claim In Miami?

Remember, you wouldn’t go to court without an attorney, do don’t file your business interruption claim without a public adjuster. Call Atlantic Coast Public Adjusters today at (877) 561-2524–we’re on your side!