A Guide to Filing a Business Interruption Claim this Summer

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Businesses on the Gulf Coast are at risk of having their operations interrupted due to hurricanes and tropical storms every summer. This is why it is important for them to consider broadening their business insurance policy to ensure it has interruption coverage. This allows them to recover lost income and expenses related to restoring operations.

Such a huge claim can be challenging to file, which is why you should hire a public adjuster in TX who handles the case on your behalf and helps with fast and full recovery. Having this coverage will offer you financial relief and allow you to resume your business operations in record time.

Step #1 – Inform Your Insurance Company About the Interruption

The first thing you need to do before filing a business interruption claim is to inform your insurance company about it. This will give them ample time to review your policy, which will speed up the process when you bring your case to them.

Step #2 – Talk to a Public Adjuster in TX

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If this is your first time filing a claim, it’s possible you might make some mistakes. This is why you should hire a public adjuster to handle the claim on your behalf. They will read your policy thoroughly and offer advice if you have any questions. Insurers often deny a valid claim by misrepresenting a term in the policy that spins your head. So, having a Texas claims professional will save you from this and ensure you are not led astray.

Step #3 – Gather Your Financial Records

From the revenue you made in the first year until the business was interrupted, you need to present all the financial documents to your insurer. This will help them understand the level of loss you will deal with.

Step #4 – Document Your Lost Income and Expenses

Your insurance coverage is usually based on your annual income. When your business is interrupted, you experience all kinds of loss. Documenting every penny you lose is important to give the insurance company an accurate figure.

Step #5 – Choose Your Contractor

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Insurance companies don’t have the right to force you to choose their recommended contractor. As a businessman, you are more capable of hiring someone who will make sure everything is up and running in no time. However, do solicit multiple bids and take a few factors into consideration, such as availability, experience, time, and cost.

Step #6 – File Your Claim

Once you have taken care of all the basics, it will be a waiting game. Your insurance company will release half of the funds, minus your deductible, so that the repairs can begin. When the contractor completes the job, send your insurer the final receipt that outlines what was done and why to get the remaining payment.

Insurance companies release only half of the funds because some people pocket the money, which is an insurance scam. As mentioned earlier, most interruption policies are not part of property damage insurance. This coverage is bought separately, and depending on how big your operations are, it can cost you between $300 and $5,000.

If you are having trouble documenting your business’s loss, hire insurance adjuster services in TX to help you with the process. The public adjuster in Texas will evaluate the operations and assist you in determining future income loss. Visit the Morgan Elite Specialist Services website to understand how our public adjusters fight for your rights.