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Fire & Water - Cleanup & Restoration

4 Steps for Preparing a Business Interruption Claim

3/26/2022 (Permalink)

Dehumidifiers and air movers placed along way in a hallway Commercial water cleanup and restoration in Regency, FL.

Preparing a Business Interruption Claim in Four Steps

If you have recently had to hire water remediation professionals to clean up the flooding in your business, you know the importance of filing a well-documented claim with a business interruption insurance company. Here are a few steps you can take to ensure your claims are thorough and don't get subject to extensive reviews and rejection.

1. Develop a Plan

The key to starting a sound claim is creating a team responsible for handling your flooding. You should then thoroughly review your insurance policy and determine if the event is covered, unlike a broken pipe due to freezing temperatures. If you have experienced a covered peril, you should contact your insurance adjuster and start the claim process.

2. Measure Your Income Loss

You need to measure your income loss in an objective and supported way. Also, ensure that you take any normal operating expenses out of your total income. Some areas that require thorough support include the relationship of the loss to a disaster, your ordinary income, your income history, any market conditions that could impact these numbers, and the sales you have used to offset your losses.

3. Identify Any Extra Expenses

In addition to lost income for your business in Regency, FL, you will likely be able to get funds to pay any extra expenses that are a direct result of a disaster. For instance, a flood will bring cleaning and disinfecting fees that you would normally not have to pay.

4. Execute a Mitigation Plan

Your insurance adjuster will focus on the efforts you took to mitigate your interruption after the flooding. This could include many different tactics, such as moving to a temporary location, finding alternative suppliers, or reaching out to customers through unusual methods. Make sure your loss mitigation plan is well documented so you can offer it to your insurance company.
Business interruption insurance is one source businesses rely on when they experience disasters, such as large water damage. To ensure their claim is accepted quickly, business owners should follow these critical steps to create a strong and well-supported case.

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