Due to the current global crisis, companies are now looking to see if someone can offer business interruption claims help. But does their insurance policy cover for it in the first place?
Business interruption insurance is a type of cover that will recuperate any losses of income after disastrous circumstances. Business interruption is one of the most complex insurance claims type. This is partly due to the calculations and certain factors such as a material proviso.
Many people also misunderstand business interruption claims as they believe when they take out standard building insurance it covers you for business interruption however this is not the case, business interruption insurance is almost always sold separately, this has caused some business who need business interruption to be left with no cover at all. So, do you need business interruption insurance?
Do I need Business Interruption Insurance?
There are several factors that determine whether you need this type of cover. It comes down to whether your business will be able to function if the premises were inaccessible.
For example; a freelancing graphic designer who only needs there laptop to work may not need business interruption. This could be because if there were to be a fire or a flood at their place of work. Therefore, they would not have a massive delay until they could work again.
However, a company that needs heavy machinery or equipment to function may be different. As an example, metal fabricators will most likely need business interruption as without their equipment, they couldn’t finish any work. Business interruption insurance covers most type of insured damage events the most common being fire and flood. You can even get business interruption for events such as war, pandemics and theft.
Independent Loss Adjusters Help
As business interruption claims are complicated and can be very difficult to handle on your own, I recommend you appoint an independent loss adjuster to manage your claim. Public Loss Adjusters are a nationwide loss adjusting company who work exclusively for policy holders.
They make sure when you make a claim, your final settlement includes everything covered under your policy. They have a highly experienced team of charted accountants and loss adjusters. Public Loss Adjusters work tirelessly to make sure your claim runs as smooth as possible. By minimising the amount of time the claim takes could all the weight off your shoulders.
Business Interruption Claims Help
Not sure if your insurance policy covers business interruption due to the Coronavirus? Public Loss Adjusters offer a free business interruption claims check. All you need to do is visit this link, fill in your details and one of their experts will get back to you.