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BUSINESS INTERRUPTION

Business Interruption Claims are one of the trickier types of claims to make since there are so many varying factors that determine what constitutes a loss or not.

Physical damage to a place of business can cause an interruption and may be covered under a Business Interruption claim. The business would have to prove that during the time of the interruption that they incurred a loss. Usually basic business interruption claims only pay for the time it will take to repair or replace what has been damaged.

WHAT DO I NEED TO SUPPLY TO PROVE MY LOSS?

interruptionBusinesses will most likely have to supply supporting documentation such as the business history, revenue status, and expense status.

The business history would encompass the following:

How the physical damage effected the business fiscal year end, the actual property damage, inventory or goods that were produced on site, any services provided, how many employees are on staff, if there are any suppliers or customers, and what the operating hours of the business are.

The revenue for the business can be shown via the following:

  • Tax returns
  • Bank statements
  • Monthly income statements
  • Sales tax returns
  • Accounting software or books
  • Sales records
  • Sales receipts
  • Sales forecasts
  • Business plans

The expenses for the business can be shown via the following:

  • Production data before the loss
  • Production data during the loss
  • Production data after the loss
  • Payroll and Payroll tax records for employees
  • Lease agreements
  • Franchise agreements
  • Utility bills
  • Loan agreements
  • Estimates and receipts from contractors to repair the work

Since there are many different factors that can affect a business interruption claim you need to be careful about what you are covered for in your policy.   Things like loss of market, employee salaries, depreciation, and sales trends make a difference when filing a claim.

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Be sure to review your existing or new policy for the following:

  • Types of events that the property is covered for
  • How is business income interruption defined in your policy
  • What needs to occur to qualify as a business interruption claim in your policy
  • How much time needs to pass before coverage is active and how long is the coverage good for
  • Be sure understand the limits of the insurance in regards to the dollar amount, basic coverage, and length of time that your insurance company will pay.

 

Do you need additional coverage added to your policy like:

  • Civil authority coverage
  • Alterations & New Buildings
  • Extended Business Income
  • Contingent Business Interruption Coverage