Business Interruption Claims

Putting The Puzzle Together
Creative Commons License photo credit: kenteegardin

There are many reasons that a business may have to cease trading temporarily – often due to a natural disaster like an earthquake or floods. A business may have to cease trading because of a disaster like fire or something as innocuous as a burst pipe. Whatever the reason for closure it is imperative that a business has some form of insurance that covers all the lost income during that period – the loss of profit.

Business interruption insurance is an option that is included in most commercial insurance policies and one that can be invaluable if you ever suffer on e of the major catastrophes mentioned above. Business interruption insurance is particularly valuable if you rely on your location to run your business – if you run a shop and it was gutted by fire you wouldn’t able to operate or run your business for some time. This is true of so many businesses, even an online business with few overhead has to store stock somewhere. Whilst the business premises undergoes repair you and the business (and potentially) employees are going to be out of money – could your business survive without adequate cover?

Filing for loss of profit or loss of income could be crucial for the survival of your business and one that you should take into serious consideration when getting your initial business insurances. Many new or start up businesses often cut corners when it comes to insuring their business at the start of its life – ask yourself if this is one corner you can afford to cut.

Go it alone or get help?

Many businesses are unaware that is this situation there is the possibility to get help and ensure that you receive the best possible outcome from any business interruption insurance claim. This comes in the form of a loss assessor – also referred as claims management and claims recovery firms. A loss assessor will be able to assist in you in getting the most from your claim ensuring that your business will be able to operate successfully well into the future. When you have invested time and money into a company or business it would be naive to expect the insurance company to jut hand out a massive sum of money to get your business back on its feet. A claims management company and the team of loss assessors will be able to liaise with the insurance company and get you the best possible settlement.