If your business has experienced an interruption due to a covered event, such as a natural disaster or property damage, you may be eligible for a business interruption insurance claim. Filing a claim can be a complex and time-consuming process, but with the help of a public adjuster like Caliber Public Adjusters, you can ensure you receive the best settlement possible. In this article, we’ll outline the steps to file a business interruption claim with the assistance of a public adjuster.
Step 1: Review Your Policy
The first step in filing a business interruption claim is to review your insurance policy. Your policy will outline the coverage and exclusions related to business interruptions, so it’s important to understand what is and isn’t covered. A public adjuster can help you review your policy and identify any potential coverage gaps or issues that may impact your claim.
Step 2: Document the Loss
To file a business interruption claim, you need to provide documentation of the loss. This includes financial records such as income statements, profit and loss statements, tax returns, and bank statements. You’ll also need to provide documentation related to the cause of the interruption, such as photos or videos of the damage or a police report if the interruption was due to a crime. A public adjuster can help you gather and organize this documentation to ensure your claim is accurate and complete.
Step 3: Notify Your Insurance Company
Once you’ve reviewed your policy and documented the loss, you need to notify your insurance company of the claim. Your public adjuster can help you with this process, ensuring that you provide all the necessary information and follow the correct procedures.
Step 4: Work with Your Public Adjuster
After you’ve notified your insurance company, you’ll need to work closely with your public adjuster to navigate the claims process. This includes providing additional documentation as needed, meeting with the insurance company’s adjuster, and negotiating the settlement amount. Your public adjuster can help you understand the insurance company’s position and provide guidance on how to best present your claim to maximize your settlement.
Step 5: Receive Your Settlement
Once the insurance company has approved your claim, you’ll receive a settlement payment. Your public adjuster can help you review the settlement offer to ensure it’s fair and reasonable based on the terms of your policy and the documentation you provided.
Filing a business interruption claim can be a challenging process, but with the assistance of a public adjuster like Caliber Public Adjusters, you can ensure you receive the best settlement possible. By reviewing your policy, documenting the loss, notifying your insurance company, working with your public adjuster, and receiving your settlement, you can navigate the claims process with confidence and get your business back on track.
WHAT IS COVERED?
Here are some of the items you may be able to claim from your insurance if your business is not open due to a hurricane:
- Lost Income: Business interruption insurance can cover lost income due to the interruption caused by a hurricane. You’ll need to provide documentation of your business’s income before and after the hurricane, as well as any projections for future income. Your insurance policy may also have a waiting period before coverage kicks in, so make sure you review your policy carefully.
- Extra Expenses: If you incur extra expenses as a result of the hurricane, such as the cost of renting a temporary location or paying for overtime for employees to help with repairs, you may be able to claim these expenses as part of your business interruption insurance.
- Rent and Lease Payments: If you’re unable to use your business property due to damage from the hurricane, you may be able to claim rent and lease payments as part of your business interruption insurance.
- Employee Wages: If you’re unable to pay your employees due to the hurricane, you may be able to claim employee wages as part of your business interruption insurance.
- Taxes and Utilities: If you’re unable to pay taxes or utilities due to the hurricane, you may be able to claim these expenses as part of your business interruption insurance.
It’s important to note that every insurance policy is different, and the coverage and exclusions can vary. Review your policy carefully and consult with us to ensure that you understand the terms and conditions of your coverage.
On average, a policyholder makes 747% more money using a Public Adjuster. (Source OPPAGA)
If you opened a claim with your insurance, our team can help you get paid, we have handled all types of claims in the past and we are confident in the fact we can assist you in these troubling times.
Call or Text me anytime at my Personal Cell (786) 818-9642 or send me an email at Armando@CaliberAdjusters.com
