During Hurricane Irma, there were many businesses who were put out of work for a few days leading many business owners to file their claims for business interruptions. Many business interruption claims either get denied or are underpaid in Fort Lauderdale depending on the situation and what your policy covers. You should always have a plan to make any necessary arrangements to your insurance policy in order to properly get the reimbursement you want especially if a hurricane is coming or other natural disasters or emergencies.
Business Interruption Insurance
Obtaining an insurance for your business is certainly important in case of any emergencies. You never know when you’re going to need it so it can come in handy once you need it. A public adjuster for business interruption claim in fort lauderdale understand how the policy works and what you can be covered for, the following below are just a few things that should be covered in your policy:
- Lost of revenue
- The amount of rent, utility or your other fixed expenses before the damages took place
- The cost of rent in your temporary location
- In most cases, the amount of money you spend advertising your new location can be reimbursed.
- Loan payments
- Business taxes
- If there’s a Ft. Lauderdale curfew due to a natural disaster that would led people to not work or open their business, your policy will cover it.
To file an interruption claim, please present the following to your insurance as evidence so that you can get the monetary compensation that you need:
- Having a detailed monthly report
- Summaries of your inventory
- The budget you have set for you business
- Detailed loss and profit statements
What Your Insurance Won’t Cover
- The rest of your utility bills because once a business stops running in their location utilities are no longer being used even though they are still running.
- Income that have not been accounted for are not covered
- If half of your business is partially open for business, it won’t be covered because the business isn’t entirely closed.
- If you closed your business for personal reasons like going on a family vacation or even if its an emergency, it still won’t be covered.
- Downed power lines due to a natural disaster is also not covered.
Public Adjusters and Business Interruption Claims
Public adjusters have a wide field in helping you settle your insurance claims, whether its for your home or business, they will be there to assist and guide you in the process. That’s exactly what Churchill’s Public Adjusters will do for you. We are experienced in all areas from business claims to mold, roof leaks, flood damages and more in fort lauderdale, FL. Call us and ask us for a consultation, its free of charge!
Filing An Insurance Claim For Your Business
The claims process is lengthy and stressful, but by being aware of these things might help you ease the stress and have a smooth claims process, they are:
- Put together all the necessary documents that you are going to give your insurance company so that they can get an idea of how much your estimate reimbursement would be.
- Keep your property safe and alleviate any damages. In this way, you can prevent your property from gaining more damages.
- Call authorities if its absolutely needed and when you get in touch with your insurance company tell them about the police call. If you do contact local authorities to be sure to get their name and a copy of the report so that you can give it to your insurance company.
FAQ
I have a small business, is it necessary to obtain business insurance for a small-scale business?
Small businesses are recommended to have business insurance because they are at a higher risk of having their business destroyed. They cannot financially withstand the damages if the damages are severe. So, having a business insurance for a small business is important and should be prioritized especially if you’re starting a small business.
What can I add into my standard business insurance?
Different businesses have different coverages especially in Ft. Lauderdale where business is continuing to grow. Most businesses obtain coverages for physical damages and operations liability. Moderate to larger companies usually buy embezzlement and theft coverage.
Should I invest in workers compensation insurance?
Workers compensation insurance is important to have in case an employee files a lawsuit against your company. Majority of states across the nation require you to have workers compensation insurance so that you can be protected when needed.
What does ELTO do?
Employers Liability Tracing Office protects anyone who has gotten a disease or injured in the workplace.
Aside from a standard business insurance and workers compensation insurance, what else should I get on my policy?
This usually doesn’t happen in Ft. Lauderdale but in the case that it does, many business owners buy earthquakes or even terrorism insurance. Again, it isn’t advisable because we are no where near areas prone to those kinds of disasters but it is something important to think about. However, flood insurance should be bought especially if your area is prone to get flooded during rainy or hurricane seasons. Speak with a public adjuster for business interruption claims today, we proudly serve fort lauderdale area.
