Business Interruption - BI Claims

Business Interruption Property Loss Claims

Business interruption insurance is a critical component of a comprehensive business insurance policy, designed to provide financial support to a business in the event of an unexpected and unavoidable disruption. Such disruptions can range from natural disasters, fire, and theft to pandemics and other public health emergencies. In these instances, a business may incur significant income loss and incur additional expenses in order to keep the business running or to get it back up and running. This is where business interruption insurance claims come into play.

One important aspect of business interruption insurance is extra expense coverage. This type of coverage compensates a business for the costs incurred in order to minimize the interruption's impact on the business. For example, if a business needs to temporarily relocate to alternative premises, extra expense coverage would cover the costs associated with that move. Additionally, if a business has to close its doors entirely, extra expense coverage would provide financial support in arranging suitable alternative premises.

When making a business interruption insurance claim, the first step is to demonstrate to the insurer that the business would have performed in a particular way in the absence of the interruption. This requires the business to provide detailed information about its trading history and to take into account other factors that may have influenced its performance. The process of collating and presenting this information can be complex and time-consuming, but it is critical to securing a successful outcome.

Faber Adjusting, with its knowledge, expertise, and skills, can assist businesses in handling their business interruption claims, including extra expense coverage claims. By working with Faber Adjusting, businesses can ensure that they receive the maximum settlement possible and minimize the impact of income loss due to unexpected disruptions.