Businesses are a necessity when it comes to making a living. If you own a business, you always want to maximize how much you’re open, so you can maximize your profit. But we know in the real-world things happen whether it’s a power outage, construction, or something is wrong with the building that you must close losing out on your precious livelihood. If you experience these things at all, call a public adjuster to help with your claim.
What can lead to a business interruption claim?
Business interruption claims are claims made by you if your business loses income due to but not limited to the following:
- Natural disasters. This could be anything from hurricanes, tornadoes, tropical storms, tsunamis or any other unnatural weather occurrences that brings damage into your business.
- Fire. Fires can accidentally or purposely happen and if it does happen in your business, you can file a business interruption claim. Depending on the situation, it can also be investigated by local authorities.
- Terrorism. Terrorist attacks are usually not prevalent in West Palm Beach but if it ever does happen, you are surely covered by your business insurance
Business Interruption Insurance Coverage
It is always important to go through your insurance policy to see what it entails. But for a standard business insurance you are usually covered and get reimbursed for the following:
- The revenue you lost during the time of your business closure is surely covered.
- Your rent or lease payments that are due every month are covered.
- The cost of your temporary relocation
- The amount you pay your employees
- Taxes that you are required to pay for every month
- Payments for loans if you have any
- The amount of damages made to your business property
Things That Won’t Be Covered Under Your Policy
Policies are limited to what they can cover and as always, if something is covered there are also things that cannot be under your insurance, such as:
- The utilities that you usually pay for won’t be covered.
- Anything that isn’t documented such as income or estimated income for the next few months is not covered.
- Partial closure that didn’t fully shut your business down
- Damages that are made that aren’t in your policy
- Closures due to power lines that are not working.
Public Adjusters and Interruption Claims
Even though hurricanes or natural disasters are a common cause for business interruption, it really doesn’t happen as often in West Palm Beach. But even then, it is still important to have the right coverage for your business in case of any emergency. It is better to be prepared than be sorry in the long run. However, if you’re currently in the situation of filing a business interruption claim through your insurance but have either been denied or underpaid, hire one of our Churchill’s public adjusters today! We guarantee to help you file your claim, process, and negotiate on your behalf to get your business up and running again. Don’t hesitate and contact us for a free consultation!
My community flooded causing my business to flood resulting in a loss of income, can I get reimbursed?
Business interruption claims are not covered under the National Flood Insurance Program as is a basic property insurance. However, you can buy flood insurance through a private market that isn’t part of the Federal Flood Program.
Do I still need business insurance even though I have a small business?
Small businesses in fact face higher risks of their business getting damaged because they have fewer assets and are not as financially equipped as larger businesses. So yes, it is vital for a small-scale business to obtain a business insurance in case of an emergency.
What kinds of coverage should I put in my business insurance?
Each business in West Palm have different coverages. But majority of business owners get coverage for any assets that your business may own physically and liability for operations. Bigger companies tend to invest in theft and embezzlement coverage as well. It all depends on what your business financially allows or what you feel is safe for you to have.
Speak with Churchill Public Adjusters in West Palm Beach, FL
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