InfoBonanza

Running a business keeps you on your toes. You have to move with the times and make sure that you are making the right decisions for you, your business, and your employees at all times. There are corners that are often cut to save either money, time or both. One of the most common areas that issues like this can arise is with your business insurance. What insurance do you need and will it cover you sufficiently if you need to use it?

One type of business insurance that is often overlooked is that of business interruption insurance. Here’s a definition: “insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril.” Most businesses are either not aware of its existence or choose not to take it out in the hope that such a disaster never strikes them. This can be a huge oversight and many businesses that do not have business interruption insurance close within a year of a major disaster at their work premises.

Just having the insurance is not enough, though. Most business owners do not realize that even if you have business interruption insurance, you will not always get the money that you are entitled to. Upon receiving your business interruption insurance claim, your insurance company will appoint a loss adjuster to the case and it is their job to evaluate the claim and make sure that a fair settlement is reached. It is wise to remember a couple of points in this situation:

1. The adjuster will be working for the insurance company—and although they work within the law, they will ensure that the insurance company pays out as little as possible.
2. You and your business will be expected to deal with your end of the insurance claim yourself.

This can all sound a little David and Goliath. If you don’t have experience, it can be difficult to get the money that you need to move your business forward following a fire or water damage. This is where the secret weapon comes in–the loss assessor. A loss assessor will carry out the same work as the loss adjuster but with one tiny (but significant) difference: they will be working independently for you and your business.

Just knowing that this service exists can be a life saver if your business is ever faced with a catastrophic disaster that can leave you business unable to function for months. After so much time and effort has been spent building the business, it is crucial that you know how to help it survive.