Business Interruption Public Adjuster
Do you operate a business in Florida? If so, then you should have business interruption and income loss protection coverage on your insurance policy. This type of coverage insures your business income losses in the event that some unforeseen incident causes your business to close.
For example, if a hurricane were to strike Florida, according to this data it can happen at anytime, and damage the structure of your commercial building, it might put you out of business for several weeks or months. Your property be damaged, and you’d lose income until the business is back in operation again.
Study the provisions of your policy to find out whether your particular disaster is covered. The most commonly covered disasters include fires, hurricanes, earthquakes, wind storms, vandalism, and burglary. If your disaster is listed in this provision of your insurance policy, then you have the right to compensation for your business income loss.
Insurance companies will usually compensate you for up to six months of income loss. So, if your business normally earned $500,000 in six months, then your insurance company should pay you $500,000 if it takes six months to rebuild your business. That might not be the case in every situation, though. If it takes you two months to rebuild your business, your insurance company will only owe you for two months of lost income.
Some insurance companies offer business loss extension coverage, which allows you to collect business loss income for up to one year instead of six months. If you don’t have that extension coverage, you won’t be able to collect additional business income losses for a period exceeding six months.
How to Collect the Income
Insurance companies get very skeptical when someone files a business income loss claim. After all, there’s a small chance that such a claim could be fraudulent. How do they know the business owner didn’t purposely damage their building in order to claim a business income loss? That is what the insurance claim adjuster will determine during their investigation.
You must be ready for whatever your insurance company decides. Even if you’re innocent and did nothing wrong, your insurance company will want to avoid paying your business income for several months. In order to get them on board and believe in your claim, you need to provide evidence to support it.
First, you must prove to your insurance company that you actually earned as much as you stated in your claim. You’ll need to provide receipts, tax returns, and whatever else you can to prove your business income for the last six months. Next, you’ll need to have all the police reports, fire marshal reports, or whatever other relevant documentation is necessary. Your insurance company will want to see this documentation to verify the legitimacy of your claim.
Contact Business Interruption Public Adjusters!
You shouldn’t gamble when it comes to your business income. If you want peace of mind as you rebuild your business, you need help from a professional public adjuster who specializes in claims for business income losses.
Merkury Public Adjusters has helped numerous business owners to recover millions of dollars in lost income for their businesses after terrible disasters. We know how to negotiate with insurance companies and make them realize that they’re obligated to pay you compensation for your business losses. You’ll be in good hands with our Business Interruption public adjusters. They’ll watch your back.