No one can fully anticipate the impact of a business interruption. It’s reasonable to assume regular business will be interrupted in the event of a hurricane, but there are many other situations that can result in a loss of revenues. Individuals operating an enterprise know the value of maintaining business interruption insurance, but collecting on a claim can be difficult. That’s when a public adjuster is a powerful and invaluable ally.
Causes of Interruptions
Business owners are more likely to encounter some situations than others, but it’s important to keep in mind the potential for:
- Fire
- Flood
- Tornado
- Forest fires
- Regulatory action
- Cybercrime
- Explosions
- Power outage
- Equipment breakdown
- Supply chain disruption
- Pandemic
Flooding, mudslides and earthquakes typically aren’t covered in the policies.
Coverage and Exclusions
Depending on the policy, the insurance will help business owners cover a variety of expenses ranging from inventory and employee wages to their personal loss of income. It also includes the time required to repair or rebuild the business. However, filing a claim isn’t straightforward. Exclusions are written into every policy. The language can be difficult to decipher, and getting results from the insurer can take time.
Delay, Deny, Defend
Those are the 3 tenets by which many insurance companies operate, even when policy holders have a clear claim. Public adjusters are professionals that can help business owners obtain the settlement to which they’re entitled. It’s important to note that there are no guarantees and public adjusters are bound by the terms of a business interruption policy, just as business owners.
What Public Adjusters Do
The expert is well-versed in the terms, exclusions and strategies of insurance companies. They’ll examine a client’s policy and if applicable, they have the authority to reopen a claim even if the insurer has marked it closed. They can negotiate with insurers for a better reimbursement if the claim has been denied or underpaid. The experts work for policy holders as their personal advocate in disputes, not the insurance company.