Public Adjuster for Business Interruption
Business owners and managers must be able to operate as usual during your normal hours and continue to do business to remain successful. There are some situations, however, when an unexpected tragedy or accident occurs, and your company is unable to function as normal for a certain period.
When an accident happens in or around your company, your business insurance will likely cover damages and losses that you incur as a result of the event, as long as it is a covered peril. One aspect of business insurance that may not always be the first thing on a business owner’s mind, though, is coverage for business interruption. The coverage is critical to prevent your company from experiencing serious losses as a result of your inability to operate as you usually would. This interruption can lead to loss of income and the possibility of bankruptcy if the interruption lasts for an extended period.
What Is a Business Interruption Claim?
Business interruption can be claimed when a company suffers losses of business income as a direct result of direct physical loss, damage, or destruction to insured property by a covered peril. A company may file a business interruption claim, and after a thorough investigation, the insurer may pay for the actual loss of business income resulting from the suspension of regular operations while the company works to make restorations.
It is critical to be able to prove that the suspension of operations directly resulted from the physical loss, damage, or destruction to insured property and that the incident which occurred is a covered peril in your insurance policy. In general, the insurance company will be responsible for the reduction in net income resulting from the covered accident and the suspension of operations. The business income usually covered includes net profit or loss before income taxes that would have normally been earned or incurred, payroll, and other normal operating expenses that continue to be incurred even though operations have been suspended.
Benefits of Hiring a Public Insurance Adjuster for a Business Interruption Claim
Insurance claims adjusters are trained to understand the convoluted and challenging policies, contracts, and mechanisms for resolving insurance claims. Without a public adjuster, policyholders are routinely underpaid by their insurance companies. We have the experience dealing with insurance claims and carriers to help you get the full value of your insured property after a serious event has caused damage.
Steps in a Successful Business Insurance Claim
Contact Eastern Public if you have questions about a possible business insurance claim. When we are retained, our experienced adjusters guide you through each step of the process.
- Investigation phase - This is a fact-finding mission to find out why the damage occurred (cause) and evaluate liability for damage (3rd party, sudden accidental event, multi-unit building). We want to find out who is responsible and where coverages exist, ultimately determining if the event is covered by your insurance.
- Claims preparation - Once your claim has been investigated and liability has been determined, we will be able to more fully understand the extent of your loss and what the cost to repair or replace property will be. All of this will become part of the claim that is presented to your insurance.
- Claim strategy - We work with you to determine the optimal course of action, and prepare all the research and documentation necessary to best present the claim to the carrier.
- Presentation of claim - This includes all of the information that has been discovered and prepared for your claim. It is presented to your insurance carrier, and the carrier will likely have an expert to provide a counterclaim and analysis to negotiate a settlement.
- Negotiation - We meet with the insurance carrier to examine the evidence presented and determine a settlement that is reasonable and fair.
- Settlement - Once the claim has been negotiated, we work toward a settlement offer, and move forward to settle and pay out the claim. This process can involve multiple contacts and conversations with the insurance carrier and their representatives, detailing and describing covered damages, estimates, and circumstances.
This process can take anywhere from 1 month to 6 months or longer if disputes arise. Our goal is to facilitate the process, settling your claim as quickly as possibly while staying focussed on your business objectives.
Contact Our Experienced New York Public Adjusters
At Eastern Public, we manage business interruption claims, and offer proactive support for business in New York and across the East Coast. Our claims adjuster and forensic accounting team are experienced at examining business insurance policies and analyzing business interruption losses. We offer risk management services to ensure that you are fully covered for business interruption and property damage that might cause serious problems for your company.
Eastern Public is here to provide you with the information and guidance you need to make confident decisions for your business that prioritize business continuity. When you have suffered a loss or severe damages, you need to make a speedy recovery and ensure you have the funds required to begin recovery as soon as possible.
Eastern Public is a complete property insurance claims and risk management firm based in New York. With over 20 years of experience, we are licensed to serve clients in the greater New York City area and across the East Coast, including New York, New Jersey, Pennsylvania, Connecticut, Massachusetts, Vermont, Maine, Rhode Island, DC, Maryland, North Carolina, South Carolina, Kentucky, and Georgia. For 24/7 claims advice and service, contact us at (929) 999.4674 or info@EasternPublic.com .
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