A business interruption claim is a type of insurance that can cover the loss of income and extra expenses that a business incurs when it has to shut down due to an insured event. It can help your business stay afloat after experiencing a natural disaster, theft, or even a pandemic. So what can you do to ensure your business interruption claim is successful? These are the steps you should take when making a claim.
Notify Your Insurer Immediately
The first step in making a successful business interruption claim is to notify your insurer as soon as possible after the incident occurs. Most policies require you to inform the insurance company promptly in order to make a valid claim. Otherwise, your insurer can use it as a reason to deny paying you.
Review Your Insurance Policy Wording
Insurance policy wording can be complex, with specific terms and clauses that could be ambiguous. You may not have the knowledge to fully understand your policy and don’t have time to waste. You need to get your business back in operation fast and compensation from your insurance will help you significantly. A trusted public adjusting firm will explain the complicated policy to you in simpler terms. Our expert public adjusters at Stone Claims Group will review your policy carefully and assess how much you are entitled to claim. To maximize your chances of getting approved, it is important to have detailed records of your income and expenses. We can manage this for you as well and make the claim submission on your behalf.
Keep track of all of the conversations and paperwork you have submitted for your claim. Your insurer will need time to evaluate your case and may only let you know the outcome after several months. Therefore, you should keep a detailed record of any documents they request during this period. If your insurer claims there was a missing document and you are certain it has been submitted, you can easily find proof.
Negotiate With Your Insurer
Your insurer will then determine if your policy covers the loss and if you are eligible for benefits. If you are approved for benefits, you will receive compensation that can help offset your losses and keep your business running. This is the most ideal scenario if you are fully compensated for every cent you are entitled to.
However, there is a chance that your insurer may underpay you. Remember that you don’t have to agree with the amount your insurance company offers to pay you. If you believe you are entitled to more, let Stone Claims Group help you. We have extensive experience negotiating with insurance companies and know how they work. We will work in your interest to challenge their decision and maximize your compensation.
The insurance company can also deny your claim. They have to provide a reason for rejecting your claim but if you feel the reasons are invalid or you don’t understand the wording they use, we can assist you. We are familiar with different types of coverages and will find and prove all damages you are entitled to claim. We have helped many clients successfully negotiate with their insurers and increase their settlements. Get in touch with us and claim what is rightfully yours.