If you're a business owner, it’s important to understand your commercial property insurance policy, and how business interruption or business income loss is covered.

Recent events may have put this on your mind. Other disasters, though, can also happen at any time, such as commercial fire damage, roof collapse damage, and vandalism. If not addressed immediately, these disasters can cost you clients and income. Every moment counts.

That’s why it’s crucial to have a property insurance expert on your side right away to manage the insurance claims process from start to finish — that’s where our licensed public adjusters come in. We know this process inside out, and place you steps ahead to secure the maximum and correct claim recovery amount.  We can help you take these vital steps to protect your financial recovery: 

Step 1: Get a copy of your insurance policy (immediately).

Contact your insurance agent/broker or carrier to have them send you a copy of your insurance policy. You need to review your policy in detail to understand what damage types are covered.

Commercial property insurance policies can be difficult to understand. They have their own insurance language along with conditions and other intricacies to interpret. And it’s up to you as the policyholder, not your insurance carrier, to make sense of it all. You need our public adjusters to help you understand your policy and options.

We're well-versed in this because we handle property damage claims every day — especially business interruption claims. We review your policy with you and identify what to leverage within it as we develop an insurance claims strategy that aligns with your business goals. 

Step 2: Document all commercial property damage, both obvious and obscure.

Document everything. Whether your business is partially or fully shut down, take photos and videos of all physical damage that has interrupted your supply chain, distribution, employment, and other operational capabilities.

Also gather all past and present financial records — business expenditures, tax records, etc. — to help evaluate the financial impact and prove your business income loss. We have a whole team to help you with this, especially our forensic accountants who are instrumental in making sure there will be no gaps while preparing your claim. Find tips on how to proactively start that process here.

Step 3: Remain in constant contact with your business accountant.

Your accountant will have access to past and current records and other financial information to help you tell the story of your business — where it was before and after you experienced the disaster — to help prove the true loss of business income. Contact them right away so they can get to work.  

It may be time-consuming for you to coordinate this as you focus on keeping your business going. That’s why our public adjusters maintain constant communication with your accountant on your behalf — as well as with all other professionals involved with your claim. We work with your accountant to organize and evaluate all the necessary records to fully document the damage. We present that damage in a format that makes your insurance company understand the full scope of loss as we negotiate for you the correct and maximum claim recovery amount.

Bonus Step: Utilize us to handle the physical damage part of your claim.

This part needs to be done correctly since it will affect the degree and length of your business interruption. Our expert team documents and analyzes the full scope of the property damage efficiently so that no time is wasted.

We factor in the quality of workmanship and materials used on your building or structure before the disaster.
We identify code-upgrade coverage as outlined in your policy to help you plan to rebuild.
We identify and secure extra expenses incurred to establish a temporary space for you to operate to the full extent coverage is available.

Business interruption claims are complex. If you’ve experienced a disaster that’s affecting your business or wish to be better prepared in the event that happens, discover how we’ve helped many businesses in numerous industries with their business interruption claims without delay.

We help business owners and property owners in New York, Pennsylvania, Vermont, New Hampshire, Massachusetts, Maine, Connecticut, Rhode Island, and Ohio. With over 112 years of experience, our licensed public adjusters have secured settlements for numerous happy clients. Talk with us today for expert help with your claim.  