If your business suffers a financial loss because of physical damage to your business premises, you may be covered by business interruption insurance. This can cover damage caused by a fire, water damage, or a natural disaster such as a hurricane or earthquake, as well as theft or any other physical damage to the property.
Whatever the event, as long as you have taken out a policy that includes business interruption insurance, you will be able to claim for the financial loss your business suffers. Here is how to make a loss of business claim on your business insurance.
Step 1: Check over your insurance policy
Before you do anything, make sure your business insurance policy includes business interruption cover. Check the full details of your insurance policy so that you know what you are (and aren’t) covered for before you enter the claims process. This should include the ‘maximum indemnity period’ – i.e. the period of time for which the insurance policy will cover any income losses from business interruption.
Step 2: Contact your insurer
Once you know what you should be covered for, contact your insurer immediately. You can do this by calling the phone number on your policy documents or via the insurance company’s online claims form (when available).
You will most likely be asked to share the basic details of your claim at this stage. After this, your insurer may put you in touch with a Loss Adjuster or other claims specialist. This is when you will be asked to provide further details and documents.
For advice on what to share and what to avoid at this stage of the insurance claims process, check out these tips on dealing with insurance adjusters.
Step 3: Share evidence and supporting documents
Once you’ve filed a claim, your insurance company will begin investigating. At this point, you may be asked for evidence to support your claim and prove the loss suffered. This can include anything from photos and receipts to copies of important business documents.
It’s best to start gathering any documents you think you might need, such as health and safety certificates, as soon as you’ve filed the claim. You’ll also want to take photos of any damage and keep hold of receipts and other paperwork that will support your claim.
Step 4: Receive an assessment from your insurer
Once your insurer has gathered the evidence, they will assess your claim. They will decide if your claim is valid and, if so, make a decision on how much compensation your business is entitled to. Business interruption insurance can be difficult to calculate, so sometimes this can take a long time.
Of course, insurance claims aren’t always straightforward and business interruption claims can be particularly complicated due to the nature of the loss. If you would like help or guidance at any step of the insurance claims process, Morgan Clark Loss Assessors are here to help your business. Our experienced team can help you through the entire claims process and make sure your business receives the settlement it is owed.