Due to the massive weather-related interruptions caused by Hurricane Harvey, many businesses were shut down for extended periods of time. Some businesses were inaccessible by employees due to floods and others suffered loss of power and internet. Other businesses could not satisfy their parts of contracts due to the weather conditions or lost contracts due to the weather.
Business interruption loss claims resulting from Hurricane Harvey are some of the more difficult claims to file with insurance companies because these types of losses are highly complex and case specific. Our firm works diligently with business owners and professionals to ensure that you receive just and fair compensation as provided under your insurance policy. It is important that you become familiar with the following information to help you in your claim.
Some Types of Recovery Under Business Interruption Coverage:
- Business Income Losses: This is typically based on net income before the event, likely or projected net income if not loss or damage occurred, continuing operating expenses, including payroll, to continue same level of operations.
- Civil Authority Losses: This coverage requires an act of civil authority which prohibits access to your business and results in loss of business income.
- Period of Restoration Losses: This period refers to the period of time which begins with the direct physical loss until the date when the property has been repaired or rebuilt.
- Extra Expense Losses: This coverage pays for reasonable and necessary expenses for the business to be back up and operating (i.e., moving and hauling, additional insurance, advertising, telephone, temporary labor, extra computer expenses, etc.).
- Contingent Business Interruption Losses: This coverage provides coverage in the situation when a key supplier or purchaser suffers a loss and you are unable to manufacture or sell your products as a result of their losses.
- Debris Removal: This coverage pays for the costs of removing debris of covered property.
- Service Interruption: This provides coverage in the event utilities or communications are interrupted.
TIPS FOR BUSINESS OWNERS
- Mitigate your losses.
- Designate a person in your company as the “point” person to deal with insurance company and accountants.
- Gather all of your policies and review them.
- Contact your insurance agent to help you understand your policy.
- Review policies for any deadlines and requirements for you to satisfy to trigger insurance coverage.
- Keep your carrier informed about any repairs and losses.
- Communicate with your customers and suppliers to see if their losses have caused you losses.
- Don’t communicate optimism about your losses to your insurance carrier.
- Gather financial data from your accountant.
- Maintain a diary of losses and conversations with insurance adjusters.
- Maintain extra expenses book.
- TAKE GOOD PHOTOGRAPHS AND VIDEOS OF PROPERTY.
CONTACT US TODAY FOR A FREE CONSULTATION TO SEE HOW WE MAY HELP YOU RECOVER THE MAXIMUM AMOUNT YOU ARE ENTITLED TO RECOVER FOR YOUR INSURANCE CLAIM.