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How to get the Best Settlement for your Business Interruption Claim?

Business Interruption 101

Business Interruption claims and their formulation are one of the most subjective elements that a business owner will have to deal with following a loss.

It is reassuring when you have Business Interruption Insurance, but you may have unanswered questions if a disaster were to occur:

  • What are the steps I need to follow to file a claim?
  • Will the claim be approved?
  • How soon will I get the money?

Here are a few tips to help you successfully file a Business Interruption claim that gets approved quickly and will hopefully get the highest settlement possible.

Ensure Everything is Documented

Take photos and videos before you begin any clean-up operation or repairs.  This is proof of the original full extent of the damage and can be used to demonstrate and represent the truest and fullest extent of the damage

Make Initial Repairs

You will probably need to make some initial repairs.  These could be to protect your property from further damage and for health and safety reasons.  It is essential that you save any of the damaged parts as they may need to be examined later.  Keep all receipts in relation to any repairs as these can be reimbursed and form part of the final settlement figure.

Understanding your Insurance Policy

This is critical.  You should be fully aware of what your policy covers e.g. specific endorsements, warranties or exclusions.  Being clear on this before you contact your Insurance Company or Loss Adjustor will save a lot of time and ensure there is a flow of consistent information which may affect any future decisions.

Be aware that most Business Interruption covers have a “material damage proviso”.  In other words, there must be a material damage loss and policy liability under the “property damage” section before the “business interruption” section can come into operation.

Compile a Preliminary Claim

Assessing the impact of a Business Interruption is challenging and complex for a number of reasons:

  • how long will repairs take ?
  • how the loss will be quantified ?
  • how successful the loss mitigation will be?

So, it may be useful to prepare a preliminary of loss.  This should be carried out in the first 30 days and clearly marked as “preliminary” to avoid any confusion.  It should be updated as and when further information becomes available.

Present a Solid Case

Be proactive from the start.  It is not enough to just fill out forms and answer questions.  It is YOUR business, and no one knows it better than you.  Make sure assumptions are not being made as it could diminish your settlement figure.

  • Ensure all losses are documented, at the very least:
  • your business income before and after the loss;
  • expenses relating to the temporary operation of your business during the interruption;
  • regular expenses that are not negotiable e.g. mortgage, suppliers, tax, insurance, etc;
  • inventory of damaged or destroyed items;
  • receipts relating to temporary repairs.

It goes without saying that the more detailed your claim is, the quicker the process, and the more accurate your settlement will be.

Maintain Contact with the Insurance Company

It is important to build a positive, efficient and transparent relationship with your insurance company.   Ensure they are aware of all matters relating to the interruption including any concerns you have.

Track all communication – keep copies of letters and emails and request documents in writing to avoid misunderstandings.

Stand your Ground

Due to the complexity of Business Interruption claims, ambiguities may arise.  Be prepared to take an assertive stance if you do not agree with the interpretation of the claim, and do not sign any settlement without fully understanding the details of what it is offering.  It is important that you don’t feel pressured at any point into settling quicker or for less money than you feel you deserve.

Final Thoughts

Business Interruption claims are rarely straightforward, and you may wish to pass the management of your claim to a professional loss assessor who can take care of all of the above ensuring that your claim is comprehensive and that you receive your full entitlement.  At Insurance Claim Solutions we are experts in managing your claim from start to finish so you can focus on getting your business back on its feet.

Trevor Kelly SCSI, BDMA, CIP, DIPLA 0863571713

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Mobile: 086 357 1713 Phone : 01 870 9210

 

We are registered as Public Loss Assessors and fully regulated by the Central Bank of Ireland

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Allish Oconnor
Allish Oconnor
20:34 04 Apr 20
Thank you Trevor so much for all your help with my recent... insurance claim. Trevor looked after all paperwork and communication with my insurance company. The claim was processed very efficiently and was totally stress free for me, considering that we had a serious leak in the house. Trevor actually recommended a builder to complete the work and we are extremely satisfied with the job. Do not hesitate to contact Trevor if you find yourself in the need of accessing your insurance! All the best Trevor.read more
Mar O'Donoghue
Mar O'Donoghue
13:08 30 Mar 20
Excellent service. Very difficult case arising due to water... egress from damaged pipe work causing significant subsidence. Insurers attempted to frustrate the claim, without Trevor's help we would never have been able to navigate the claims process successfully. We are forever grateful and would never attempt a home insurance claim again without engaging Trevor first. We cannot recommend his services strongly enough.read more
Antoinette Tierney
Antoinette Tierney
19:18 20 Mar 20
Thanks a million @insurance_claim_solutions_ for looking... after my mam and dad insurance claim after a flood wrecked their bathroom and sitting room. Thank you Trevor for making sure she got fixed up even after the job was finished they would have had no idea how to claim and probably would have left it without claiming, and you took over everything for them. They now have a beautiful wet room which is a godsend to my elderly parents I would highly recommend you in the future and have passed your number on. Thanks again for making a huge difference to their lives greatly appreciated From Antoinetteread more
Miryam Harris
Miryam Harris
09:36 21 Feb 20
Trevor was recommended by our neighbour when we had a water... leak before Christmas. He was just amazing from start to finish and took the hassle way from us having to deal with the insurance company. At all times he was very professional, knowledgeable and courteous. The whole process was seamless from start to finish. I would highly recommend Trevor from Insurance Claims Solutions to anyone.read more
Fidelma Heeney
Fidelma Heeney
14:27 20 Feb 20
Trevor assisted with a claim due to a flood which caused... quite an amount of damage to the property. His calm knowledgeable presence reassured me throughout the process. His professionalism and attention to detail was exceptional and nothing got overlooked. I cannot say enough positive things about his way of working and cannot recommend him highly enough.read more
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