COMMERCIAL / BUSINESS INTERRUPTION INSURANCE CLAIM ADJUSTER

Call the experts at Ocean Point Claims to help you through the claims process.

Loss of Use or Business Interruption

When your business suffers a loss Business Interruption (“BI”) claims should not be overlooked as they play an important role in funding the recovery of lost income during your downtime. A simple breakdown of a Business Interruption Claim is: Net Income + Continuing Expenses + Extra / Additional Expenses = Business Interruption Loss Claim. It is critical that all aspects are reviewed during the interruption of business. Some of these elements include: Commercial utility costs, employee payroll, business taxes, as well as additional advertising.

 

Our experienced public adjusters work for you to maximize your Business Interruption insurance claim. Let us help you restore your business and get the money you deserve, call us today! 888-824-1306 – We can reopen underpaid and denied claims!

Note: If you are looking for details for loss of use in your home or condo, click here for our Additional Living Expense page.

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If you have suffered a loss in your home or business that has rendered it unlivable or unusable it is important to contact Ocean Point right away so that we can dispatch the proper experts to your home or commercial property immediately. We never charge for advice. Helping the public is what we do! Even if you don’t plan on hiring a public adjuster, we are here to answer your questions. Call us at (888) 824-1306 today!

As soon as possible, notify insurance company and/or insurance agent. Immediately request that a certified copy of your insurance policy be sent to you. This is your insurance contract. You don’t know what you’re covered for if you don’t have your policy. Before incurring additional expenses after a loss, you need to know what your Coverage D policy limit is.

Get a notebook and folder, you must get and remain organized. You will regret this if you don’t. Write down the name and contact information for everyone that you speak with after the loss and during claims process. Again, it is best to start this immediately after the fire. If you do not hire a public adjuster to handle your claim, make sure to make a log of every person, date and time that you speak to at the insurance company. Keep business cards that you receive with these notes. Don’t forget to write down all of your expenses and keep the receipts in your fire folder.

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What is business interruption coverage?

Business interruption insurance coverage is used for several different reasons. It promises to repay the insured for the lost income that was occurred during the period of time when your business was interrupted as a result from a disaster. Extended business interruption covers the lost income after a business / commercial property is repaired, however; before the income returns to the pre-loss level. Contingent business interruption coverage secures the claimant with coverage for loss to the property of suppliers or customers. The last two business interruption coverages are coverages that extend beyond a basic business interruption insurance policy. Commercial business interruption coverage is intended to allow your business to return to normal operation after a loss as though the loss/damage never occurred.

Unfortunately, coverage for business interruption isn’t available for purchase on its own. It is an addition to the commercial property insurance policy. Keep in mind that standard time provisions with a BI policy are outlined in the policy as the date of loss and continuing through the (reasonable) time of repair, and to the restored condition.

Before you file a BI claim, you’ll need to gather a few supporting documents to show your adjuster.

  • Expense reports
  • Revenue reports
  • Business history reports / documentation
  • Payroll information, such as, how many employees you have
  • Contact us for questions, we can tell you what you are covered for should you be in this situation. The call is always free.

A simplified business interruption claim formula:

Net Income + Continuing Expenses + Extra/Additional Expenses = Business Interruption Loss

There are several components to be evaluated when handling a BI claim, such as, utility costs, payroll, taxes, and additional advertising.

A thorough inspection is crucial in maximizing the loss that you and your business have suffered.