What You Need to Know About Business Interruption Claims
Commercial property losses are complex and require experts to decipher the terms, conditions and benefits policyholders are entitled to.
Most business owners are perplexed by the difficulty interpreting business interruption policy language and usually require assistance from their bookkeepers and accountants.
Business interruption insurance is compensation for losses sustained while a business is partially or entirely closed due a covered peril.
Calculations are based on many factors including but not limited to monthly or weekly gross and net income, income at the time of interruption, the average weekly and or monthly income for that period in prior years, projected growth for recent increased investments into expanding business operations, payroll, loss of clients, re-opening, temporary or permanent relocation, advertisement, realtor fees and many more factors, thoroughly investigate by a carriers forensic accounting firm who doesn’t have a crystal ball to determine what a company may have contracted for future sales had there been no interruption. Negotiating a settlement for these multifaceted claims is by far one of the most challenging and complex.
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Many businesses have closed their doors when operating on a fine margin with limited capital to back up a catastrophic event.
Businesses owners lose their clientele and employees to their competition when insurance carriers drag their feet.
Courts are filled with business interruption claims, their motions, decisions, policy interpretations that often rely on adjudication of similar cases. Unfortunately, many carriers do not respond quickly to policyholder’s business interruption claims and subcontract forensic accounting firms specializing in insurance work.
It can take months to investigate your submissions, which usually result in multiple requests for additional proof required to make a decision on variables that may decrease your benefits. These are the bean counters who will not be rushed into a settlement and if you fail to provide documentation that can increase your payout you will never know what they are not paying for.
Some policies cover startup costs including but not limited to advertising, and reopening campaigns however, the coverage’s are limited and if you don’t know how to request those benefits, your carrier and their accountants will not offer it to you. You are responsible to file your claim demands.
Unless your firm routinely employs the services of a risk manager for your daily operations, you will require a savvy public adjuster that can work with your accountant or can help you locate accounting vendors suited to your business needs.