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Best Business Interruption Claims Public Adjuster New Jersey NY

ALL YOU NEED TO KNOW ABOUT BUSINESS INTERRUPTION CLAIMS

Your insurance company will instruct a firm of Public Adjusters to act on their behalf. While the loss adjuster will insist upon being independent and impartial on the matter, the reality says otherwise. The firm is being paid by the insurance company and is there to represent their best interests. As far as the insurers are concerned, the loss adjuster doing a good job means reducing the final settlement as much as possible and, ideally, enabling them to decline cover entirely.

In the event of a large or serious loss to a company and business, there are many additional areas which will require the expertise of a team of Insurance Loss Assessors.

Have you ever thought about what would happen to you, your family, your staff and the future of your business in the event of a serious fire, flood or even burglary? Any of these events could result in closure for days, weeks, months or even years.

Ask yourself these questions: –

1. How will I pay my rent and expenses?

2. How will I pay my staff and suppliers?

3. How will I be able to live?

4. How can my business survive this?

5. To start trading again quickly, I will need to incur a lot of high costs. Who will pay?

6. This disaster has set my business back a considerable time. How do I recover without permanent damage?

Above are just a few of the crucial issues you face. Decisions must be made and made quickly.

Loss adjusters will make thorough enquiries into the financial health of your company, its directors and indeed all other personnel before considering the claim and accepting liability. This is a crucial time in the claim, and our expert advice will make your case far stronger.

FREQUENTLY ASKED QUESTIONS

WHAT IS BUSINESS INTERRUPTION (BI) INSURANCE?

Business Interruption Insurance (also known as Consequential Loss Insurance) is essential to the continued health and wellbeing of your business after you have experienced a fire, flood or burglary. The vast majority of business owners would not think of not insuring their stock and the business premises against these incidents. However, it still takes us by surprise to learn that so many business owners do not take into consideration what they would do if any of those perils affected their business. As a general rule, Business Interruption policies are not sold separately, but is either included in your commercial insurance policy or is an ‘add on’.

WHAT HAS TO HAPPEN TO ‘TRIGGER’ A BUSINESS INTERRUPTION CLAIM?

Two different ‘happenings’ must be the cause of a loss of business revenue. (a) A specific and defined event must suffer a loss of business revenue. (b) An event must occur that either in whole or in part causes a business to shut down.

WHY IS BUSINESS INTERRUPTION INSURANCE SO ESSENTIAL?

If you have had a major flood or fire and your business is affected by the consequences of that peril, then during that rebuilding / refurbishment period there is every likelihood that your business will lose both income and goodwill to other competitive businesses and that’s why there is nothing more important than getting your business up and running again…..and fast.

WHAT DOES BUSINESS INTERRUPTION INSURANCE COVER MY BUSINESS FOR?

Business Interruption or Consequential Loss insurance will ensure that you are fully compensated for the extra expenses that you are very likely to incur during the rebuilding / refurbishing of your business premises.

WILL BUSINESS INTERRUPTION INSURANCE COVER ME FOR THE LOSS OF PROFIT MY BUSINESS WILL SUFFER WHILST TRYING TO GET ON TRACK AGAIN?

That’s precisely what it will do as loss of profits is a direct consequence of your business having to close down. Business Interruption insurance will fully cover you (so long as you are fully insured) for any loss of revenue whilst your business is closed.