If you have a loss of income policy, any loss of business may be covered if your business property is damaged enough to prevent normal operation. Not all claims are covered. For instance, if your business property is damaged in a hailstorm or fire, you may be covered under your policy, but if the damage were due to a flood, your loss of business income policy probably wouldn’t apply, even if the damage itself is covered.
If your business is interrupted, your loss of business income policy will cover:
- The amount of net income you would have made during that time
- The cost of normal expenses, such as rent
- The cost of payroll, if your employees are still working for you during the interruption of business
- The expense of moving your business to a temporary location
If you have suffered an interruption of business, the first thing you should do is to hire a public claims adjuster, such as Rapid Public Adjusters. As your public insurance adjuster, we work for you rather than the insurance company. Our process is as follows:
- Initial assessment: We meet with you to evaluate, document, and photograph the damage, review documentation, and assess the loss of business income.
- Expert assessment: We bring in experts as needed to determine the extent of the damage, the estimated completion date of any work that needs to be done, and the amount of loss to your business.
- Claims process: We prepare the claim, submit the paperwork, and deal directly with your insurance company.
Tips for Dealing with a Public Adjuster
Never worked with a public adjuster before? Here are a few tips for a smooth assessment and claims process.
- Call a public adjuster as soon as possible, preferably shortly after the damage, to get the damage claim rolling.
- Have your loss of business income policy paperwork ready.
- Provide documentation that will support your loss of business income claims, such as proof of income, rent, utilities, payroll, and any expenses related to moving your business to a temporary location.
- Remember that the damage claim is typically assessed following the damage, whereas loss of business income is processed once business resumes and the amount of loss can be determined.
We Will Help You in Miami, FL
If you have experienced damage to your business property and will be or already have experienced a loss of business income that is covered by your policy, it’s important to call a public adjuster as soon as possible. Remember, we are on your side and will help you get the settlement you are owed.
Contact Rapid Public Adjuster today so we can get started on your claim and minimize your business’s downtime as much as possible.