Understanding Business Interruption Coverage
Business interruption coverage pays for the loss of net income incurred during the period in which your property’s physical damage is being repaired and also factors in continuing and extra expenses. Unless you have purchased additional coverage, business interruption coverage may not cover the loss of market (customers that may have been permanently lost due to the insured event).
In order to project business income loss, it is important to examine the business’ past and analyze future plans and economies. Supporting documentation for a business interruption claim should incorporate the following:
- History – The insured event’s impact on the business, the fiscal year end, the business’ physical address, goods and services provided, hours of operation, primary suppliers and customers.
- Revenue – Income statements (annual or monthly), tax returns, sales tax returns, bank statements, accounting books and software, sales records and sales forecasts.
- Expense – Production data (before, during and after the loss), payrolls, payroll tax records, lease agreements (for the purpose of determining rent expense), utility bills, contractor estimates and repair receipts
Many insurance company's will underpay commercial & business type losses, including business interruption,that is why you need a Public Adjuster to represent you and protect your interests. Our National team of public adjusters has extensive experience dealing with and adjusting business interruption claims. We will prepare and file your claim, meet with the insurance company’s adjusters and negotiate the best possible settlement for you..
United States Adjusters handles all size losses from a shop owners to shopping mall owners, to hospitals, restaurants, church/religious places, hotels or any other larger type business interruption loss- United States Adjusters team ensures that the damages are fairly and fully assessed and the owners receive the maximum possible settlement. We have decades of experience fighting for the policyholders and unlike insurance company adjusters, we work only in your – our represent only your interests.
When filing a business interruption insurance claim, the best move that can be made is to contact your own advocate right away. Doing so will protect the claim greatly so that the insurance company cannot deny and delay the claim outcome. Our Public Adjusters have excellent and in-depth understanding of clauses as well as the terms and conditions of insurance policies. You need to be aware of the exact amounts that can be claimed for that is why we have a team in place, we utilize a forensic accountant for this purpose. United States Adjusters team works in all ways to maximize the amount that you can get from the insurance company.
Damage to a commercial property and businesses will result in severe income losses. A property damaged by fire, water, flood, hurricane, tornado, vandalism and even mechanical or electrical breakdown adversely impacts business and the people associated with it and the properties that are insured should hire a public adjuster,make a claim and be duly compensated for all of the damage, including business interruption. Filing for business interruption insurance claims needs to be done without any delays – businesses obviously cannot afford loss of earnings for long. It is here that our Public Adjusters, Insurance Appraisers and Loss Consultants are able to excel for the insured. United States Adjusters has been helping commercial property owners for decades.
Need any more information about our business interruption adjusting, loss consulting and insurance appraisal services for commercial properties, give us a call -800-872-0201 or email us at email@example.com