According to a National Association of Insurance Commissioners (NAIC) survey, more than 90% of small companies in the United States do not have business interruption insurance. However, as natural disasters and other unforeseen events become more common, it is becoming increasingly essential for companies to have this coverage. Business interruption insurance claims in the United States have hit record figures in 2020 due to the COVID-19 pandemic alone. Don’t let your company suffer needlessly.

You work diligently as a business owner to ensure that your operations are smooth. Unexpected events, such as natural disasters, pandemics, or cyber-attacks, can cause significant disruptions to your company. In such situations, filing an insurance claim for business interruption can assist you in recouping your losses and getting back on track. The claims procedure, on the other hand, can be complicated, and you must be well prepared before filing a claim. Here are some important measures to take:

Review Your Insurance Policy Thoroughly

You must first grasp the coverage provided by a business interruption insurance policy before filing a claim. Policies can differ greatly in terms of what they cover, so it’s critical to understand what kinds of losses are covered and what the policy limits are. Some policies, for example, may only cover losses caused by physical harm to property, whereas others may also cover losses caused by civil authority closures or supply chain disruptions. Knowing the specifics of your policy can help you prepare a stronger claim and prevent misunderstandings during the claims process.

Keep Track of Your Losses

You must provide documentation of your losses to support your claim. Financial documents such as profit and loss statements, tax returns, and payroll records, as well as receipts for any expenditures incurred as a result of the interruption, may be included. It is critical to maintain accurate and detailed records of your losses in order to demonstrate the impact of the disruption on your company.

Notify Your Insurer Promptly

Most business interruption policies have stringent notification requirements, and you must inform your insurer as soon as possible of any potential claim. Delaying notification may result in your claim being denied, so you must move quickly. Make sure to strictly adhere to your policy’s notification requirements, as failing to do so may jeopardize your claim.  Hiring an experienced public adjuster will assist you in this process.

Consult with a Public Adjuster

It is a good idea to hire a public adjuster if you’re uncertain about how to submit a claim or are having trouble with the claims process. Public adjusters are licensed experts who can assist you in navigating the claims process, negotiating with your insurer, and receiving the most compensation for your losses. They work on a contingency basis, which means they only get paid if you get a settlement, so they have a financial interest in ensuring the success of your claim.

Maintain a Record of All Communication

Keeping detailed records of all communication with your insurer and any other parties engaged is critical throughout the claims process. Emails, letters, and phone calls are all examples of this. Keep a record of any meetings or conversations about your claim, including the date, time, and attendees. These records can be extremely useful in the event of a dispute or misunderstanding during the claims procedure.  Let a public adjuster handle this for you!  It can be time consuming and stressful for the business owner.