Business Interruption Claims
Most business owners and executives do not consider the financial implications of an unexpected event that halts their ongoing operations. Revenue-producing activities may come to a halt, while the business must continue to pay its bills, stay current with loan payments and meet its other financial obligations. Having business interruption insurance can provide protection if fire, windstorm, water or other natural disaster forces you to relocate your business temporarily or permanently.
Business interruption insurance covers several important aspects of business like profits, utility expenses, and relocation expenses. When you do buy the policy, make sure that it provides enough coverage, since a full recovery could take months or years. The policy cost is related to the nature and location of your business and how easily you can operate a relocated business.
A public adjuster at NEC Claims can help people who have insured property losses and have submitted claims and need to obtain the greatest compensation they possibly can.
If you file a claim under your business interruption policy, be aware you may need extensive documentation, including tax returns, recent sales, utility payments, loan obligations and other financial material. After all, the insurance company wants to get a complete picture of your pre-claim financial situation in order to determine the amount of your losses.
You may also need to submit documentation of the steps you have taken to reopen your business in a new location, such as a new lease, moving costs and utility bills.
NEC Claims can provide expert advice and guidance to help business owners file these types of claims and receive a recovery that allows you to continue your operations.
Business Interruption Testimonial
Client: Small, Family owned business
Type of claim: Business Interruption
Situation: A family owned and operated business’ roof collapsed which left the building unable to serve its purpose. Of course, a property damage claim was filed (with the help of East Coast), but also filed was a business interruption claim. Every day that the company could not use the building as it was meant to be used, was a day without revenue for the firm. The biggest problem with this claim was that the adjuster for the insurance company simply wasn’t able to do the math and figure out exactly how much money was being lost on a day to day basis. Additionally, the insurance company tried to deny that coverage even existed for business interruption.
Solution: The company brought in East Coast Public Adjusters. East Coast brought in a team of forensic accountants to help accurately determine the true value of the business lost by the company. Additionally, East Coast thoroughly analyzed the policy and found that the policy did include coverage for business interruption.
The company got a SEVEN figure property damage settlement AND over $300,000 for their business interruption claim.