If we did not know any better, we would say that business interruption in the current scenario is the law of the land. Right from the pandemic to several reasons beyond our control, interruptions to the business are inevitable. To top the harrowing experience of witnessing low revenues and shutdowns, the filing process of business interruption claims can be fairly tricky. In this article, we will discuss possible scenarios in which to file such a claim and how to file it. Let’s dive right in.

When can you file a business interruption claim?

Owning a business was never an easy task. Combined with the brutal beating of Covid, many businesses have had to take the unpleasant decision of shutting down or worse bankruptcy. Small businesses have particularly taken the toll, with lockdown restrictions imposing the movement of people and hence clients. Filing a business interruption claim in such a case protects your integrity and personal loss. First things first we must look for the business interruption coverage in our business insurance package. In case you had signed up for this deductible then the task should be fairly easy. However, as has been observed in the recent past that many carriers are refusing to cover Covid losses under this coverage, in which case you must contact ProFloridian Public Adjusters Fort Lauderdale location  to see if your claim can be processed. Several changes are being made by the government to include losses from Covid to be included in the interruption package as we speak.

In case you have incurred physical losses due to reasons other than covid, the procedure is by the book and filing for a claim is fairly easy.

How to file for a business interruption claim?

Filing a Business Interruption Claim due to Covid is tricky, as mentioned before, but not impossible. Here are some of the crucial steps:

• Spot the increased expenses due to Covid and Document them

First things first, Covid came with a lot of expenses which could not be counted as business expenses. These can include: masks and sanitizers for workers, sanitization of the facility, cleaning services, personal protective equipment, covid related advertising or marketing expenses, or any other expense directly stemming off as a result of the coronavirus.

• Document all the orders/ products that were cancelled as a direct result of the coronavirus

Many orders were cancelled or delayed for small businesses due to covid restrictions. Having a comparison of what the normal order volume looked prior to the pandemic and what they looked like after it could provide a visual cue to the insurance carriers about business failure in these testing times. Alternatively, business and revenue projections can be worked out as compared to the current sale in order to gain a better understanding of the status quo of the business in question.

• Present the impact on the supply chain

Another useful cue is to demonstrate how the entire supply chain was affected by documenting the impact on the suppliers and customers. Figures, numbers, testimonials- include every piece of evidence that you can to depict the severity of the supply chain disruption. This exercise incorporates a panoramic view of the business interruption and can be a great way to claim your rightful amount.

• Present a case for the employees

Presenting the number of employees affected due to the disruption of the business is also a useful figure. Ensuring that you take into account the fiscal value of the employees and showcase them as value unrealized.

Showcasing all these factors that led to your business getting interrupted or rather disrupted due to covid can make for a strong case. Additionally, you can include government orders and lockdown restrictions that made it impossible for your business to function. It is beneficial to consult reliable Public Adjusters in Fort Lauderdale who can guide you through the process and make your claim filing process a much better experience.